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

Category: L

LINE ART

A single-color drawing having little or no solid areas, no shading effect other than crosshatching, like one made with a pen or pencil. Line art can be printed without conversion to a

LINEAR FUNCTION

A mathematical equation with only one independent variable, whose solution graph plots a straight line, expressed mathematically as (y = a + bx). Also known as linear equation.

LIQUEFIED NATURAL GAS (LNG)

Mainly methane and ethane, natural gas as a liquid is 1/600th of its volume as a gas. LNG is stored and transported in insulated pressure containers. Compressed at moderate pressure, but unlike

LISTING BROKER

The listing broker contracts to list a property in a multiple listing situation. This broker initiates the listing agreement. The same person may be The listing broker and the cooperating broker.

LLOYD’S ASSOCIATION

Lloyd’s of London is copied by an organized group. It is not affiliated with Lloyd’s. Only responsible for the risk portion they choose to insure, unrelated entities congregate to collectively provide coverage.

LOCALIZATION

accommodating the language, cultural, political and legal differences of a foreign market or country as a practice for adjusting a product’s functional properties and characteristics.

LOGARITHM (LOG)

Inverse of an exponential. Raising the base to a power to give another number. Base 10 logarithm is known as common logarithm.

LONDON METAL EXCHANGE (LME)

Futures exchange for non-ferrous metal and plastics based in London, England. 1571 saw the establishment of the Royal Exchange, London’s first stock exchange, which evolved into the LME.

LONG TERM CARE (LTC)

Health care professionals administering to people with diseases or disabilities lets this term refer to health or social care.

LOSS DAMAGE WAIVER (LDW)

In accordance with the terms and conditions of the rental agreement, safe driving of a rental car relieves the customer of damages arising from loss of the car or any damage to

LOSS OF BARGAIN RULE

Lawful damages payout is required that financially positions the offended party of a breached contract to where the offended party would have been financially if there had been no breach. A legal

LOW-COST COUNTRY SOURCING (LCCS)

Using foreign companies with lower wages to generate manufacturing resources as a company’s procurement strategy. A company may be able to lower operational expenses by locating companies operating on leaner budgets than

LUNAR DAY

Used in tidal predictions , consist of a period of 24 hours and 50 minutes. Also known as tidal day.

LABOR DAY

First Monday in September; an observed US Federal holiday. Authorized in 1882, it gives a guaranteed day off to working individuals. Parades, cookouts, and shopping are a typical event on this holiday.

LAND IMPROVEMENT

Adding driveways, fencing, parking spaces, pavements, walls, and the like as limited-life enhancements to a parcel of developed land. Also refer to land development.

LATENCY

1. ending at manifestation of effects and beginning at first exposure to a hazardous substance. 2. ending at a computer/device-command’s execution and begun when the command was given. 3. Measured elapsed time

LAW OF DIMINISHING RETURNS

Economic concept: Increase one production factor, such as the number of workers, for example, leaving other factors, such as machines and workspace, for example, as is, output will lessen as a ratio

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.