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

Category: L

LEARNING OBJECTIVE

Lessons expectations statement for a student. Allegedly provides the student a detailed description of what ability is gained when the instruction ends. To assist students on how to make practical use of

LEGAL CUSTODY

Documentary material or records under lawful control, ownership, with access to possess, or responsibility for.

LEGEND

Conspicuously displayed table containing symbols with concise explanation that are used in a chart, diagram, drawing, map, table, and the like.

LESSOR’S INTEREST

Present value of future lease income plus the leased asset’s present value of its projected end of lease term value.

LETTER OF HYPOTHECATION

Enables an accepting bank to sell the shipment if the buyer does not accept or pay the bill of exchange. A bank or lender is authorized to seize and sell the documented

LEVELED TIME

Effort, skill, and work conditions reflect differentiating factors in operator performance leading to adjusted average time.

LIBOR RATES

Short-term international interbank loans are charge this interest rate. This interest rate is applied to large loans ranging from one day up to five years between banks. Immediate liquidity borrowing from another

LIFE CYCLE PROCESSING

Cost accounting method of pricing manufactured goods based on the product’s total cost over its life cycle. A comparatively lower upfront cost occurs from this practice. Many contend that future product revenue

LIFETIME COST

The total cost incurred by possessing certain goods over their lifetime. This is added on to purchase cost. Maintenance, insurance, renovation, and the like are typical add-on costs. These extra costs may

LIMIT

1. In General, this is a boundary of scope, be it authority, power, privilege, or right. Prescribed bounds. 2. In Banking, this is (1) The largest amount a bank will loan to

LINE FUNCTION

Daily operations such as purchasing, manufacturing, and selling associated with its organizational decision making areas. Also refer to staff function.

LINEAR MARKET

A straight line movement of goods from one end of the supply chain to the other in a traditional distribution channel.

LIQUIDATED DAMAGES

Cash compensation, agreed to by signed, written contract for breach of contract, payable to the aggrieved party. The contract succinctly specifies what actions, or omissions, constitute a breach. To be legally enforceable,

LISTING REQUIREMENTS

Conditions that a firm must meet before the security, be it a stock, shares, or bonds, is officially quoted or listed for public trading on an organized stock exchange. Some of these

LOAD BALANCING

The even splitting of workload among two or more servers. The intent is to provide a certain standard of throughput for the user community while having online backup servers in case one

LOCKBOX

Banking related service allowing a company to drop its deposit in a postal box where the bank will obtain the deposit and post it to the company’s bank account(s). Typically this service

LOGGING

In a log book, the systematic daily or hourly recording of activities, events, and/or occurrences.

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