Your Free Online Legal Dictionary • Featuring Black’s Law Dictionary, 2nd Ed.

Category: Finance Dictionary

LETTER OF DEMAND

Outstanding principal balance, accrued interest, interest rebate, and early payment penalties, if any are documented and prepared by a lender for a borrower who is paying off a loan before the completion

LETTERS PATENT

A government assigns title or rights to a private entity through this legal instrument.

LEVEL SELLING

Buyer-seller arrangement seeking to eliminate huge demand swings due to seasonal factors. In exchange for a discount or guaranteed delivery, the buyer agrees to buy a definite amount of a good or

LIBERALIZATION

To allow an increase in liberal actions than in previously circumstances.

LIFE CYCLE OF A PRODUCT

As an improvement in marketing concept, goods and services live a progression from cradle to grave as a life span like people and living organism. Almost every product goes through the stages

LIFESTYLE CREEP

Improving an entity’s standard of living defined by a luxury good becoming a necessity. The improvement comes either as an income increase or lifestyle cost reduction. As an example, a family rents

LIKE-FOR-LIKE SALES

To determine what type of products moved quicker than others, companies use this method of comparing current year sales figures to prior years sales figures.

LIMITED LIABILITY COMPANY (LLC)

US business structure type that is relatively recent. It combines corporation limited personal liability with partnership or sole proprietorship single taxation. Each shareholder files own separate tax return. Profits and tax benefits

LINE STOCK

Screws, washers, nuts and bolts do not merit piece by piece costing, being of such low value, yet, are identified as common parts or components of a product.

LINUX

World’s most popular non-proprietary open source computer operating system (OS). Its proven efficiency, dependability, and reliability is the reason for its popularity. Linux runs the UNIX OS core ‘kernel’ on nearly every

LISTING AGREEMENT

An contract that authorizes the broker to sell or lease the property at a set price and terms. The broker receives a commission or other compensation from property owner following the closing.

LIVING WAGE

Income from working that is sufficient to pay the bills, buy enough food, handle emergencies, and stay off welfare.

LOCAL MARKET

Place to purchase locally produce goods and services. Knowing who will buy the product, where they are located and how far they will travel to obtain the product is essential for this

LOG FILE

Program-controlled computer file specifically for the posting of a program’s events. Serves as an audit trail, diagnostic tool or security measure. User access or data manipulation are typical items logged.

LOSS CONTROL

To reduce the frequency or severity of losses, human, engineering, and risk management practices are employed as a multi-disciplinary approach.

Topic Archives:

Disclaimer

This site contains general legal information but does not constitute professional legal advice for your particular situation. The Law Dictionary is not a law firm, and this page does not create an attorney-client or legal adviser relationship. If you have specific questions, please consult a qualified attorney licensed in your jurisdiction.