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

Category: L

LIMITED GUARANTEE

A specific obligation fulfilling a written undertaking. Also known as specific guarantee.

LINE RELEASE SYSTEM

Customs approved system for tracking and release of repetitive, low risk shipments. It is restricted to locations approved by Customs. Bar code technology enables immediate item entry that Customs declares to be

LINES PER INCH (LPI)

A half-tone screen’s horizontal and vertical line or wires count. More lines means a finer screen, smaller dot sizes for printers or smaller pixel sizes for monitors.

LISTERIOSIS

Infected ready-to-eat meat, dairy products, salads, and cook chill dishes transmit Listeria monocytogenes, a grampositive bacteria that causes foodborne disease. Dark red rash over legs and trunks, flulike fever, and lethargy, leading

LIVING SPECIFICATION

Focusing on form, fit, and function, this set of flexible requirements are designed to easily fit new products, processes, and more advanced requirements into what currently exists. It promotes continuous quality improvements

LOBSTER TRAP

A rule preventing take over by no allowing any partner owning more than 10% from converting their stock into voting stocks.

LODGING

total of rent and a reasonable expense for utilities and provided appliances, furniture, and amenities.

LONDON CLUB

Major creditor banks informally associated who discuss debt rescheduling when requested by borrower governments, as well as other banking matters. The group convenes as needed for these discussions. Also refer to Group

LONG PRODUCTS

Metal products typically sold by length, such as angles, bars, rods, and the like.

LONGITUDINAL STUDY

To identify a long-term trend, applying this statistical study. Also refer to cross sectional study.

LOSS CARRYFORWARD

Current year’s net loss offsets subsequent years’ taxable income as an accounting adjustment. Even a partial loss carryback of up to 20 years under the US tax laws is possible.

LOSS LEADER

Below-cost sale as advertised of goods or services. Intended to increase retail store customer visits. Assumption is visits will also increase full-priced item purchases. Also refer to price leader.

LOSS RESERVE

Insurer’s estimated time-bound total unpaid claim liability as held money. Includes unreported claim events, committed unpaid rulings, and payouts committed yet not due.

LOW RISK FOODS

Foods less of a source of food poisoning, containing (1) high acid content of pH 4.5 or lower, or (2) low water content. Low risk foods usually have a ‘best before’ date

LUMP SUM BID

Single value bid. Expected to cover all cost for the project involved. Includes equipment, labor, material, overheads, and services, as well as the contractor’s fee or bonus for completing the items of

LAISSEZ-FAIRE LEADERSHIP

Leadership style that is non-authoritarian. Such leaders give minimal guidance to subordinates, controlling with less obvious means. People are expected to excel, being left alone to respond to their responsibilities and obligations

LAPTOP

Mobile, portable, compact personal computer; the primary attraction over desktops. Contrast to a desktop computer. Screen exist in the cover and can be lowered to close the laptop for easy transportation. Typically

LATE CHARGE

When the borrower has not made a payment when it was due, a lender can impose an additional fee.

LAW FIRM

Company that involves itself in the business of law. Lawyers that work together under a specific firm name, may only focuses on certain kinds of law, deal with various general law cases.

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