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

Category: L

LOSSLESS COMPRESSION

Compression-decompression process using compression algorithms, yet experiencing no data loss. Data file size reduction technique. The decompressed file is identical in every way to the original file while not having high compression

LOWER EXPLOSIVE LIMIT (LEL)

A measure of a gas or vapor in air, given an ignition source, such as arc, flame, or heat, capable of producing a flash of fire. Lowest concentration as a percentage versus

LUSOPHONE COUNTRIES

Angola, Brazil, Cape Verde, Guinea-Bissau, Mozambique, Portugal, and SaoTome and Principe are countries where Portuguese is the common language.

LABOR STANDARDS

Forecasting or analyzing labor performance as computed, estimated, or measured values. Examples of these are assembly time, operations per hour, output per unit of time.

LANDFILL

Environmentally acceptable waste disposal to fill a depression in the earth. Typically, non-hazardous waste is layered and compressed over a specific area of land. At the end of each working day the

LATENT DEMAND

A consumer expectation, desire or preference, that goes unsatisfied because acceptable goods or services wanted are not available or too expensive. Influencing the potential buyer to use available money in favor of

LAW OF INCREASING OPPORTUNITY COST

Observation: Increasing production costs are an economic reality when a company changes its product line to take advantage of some economic opportunity. This is caused by inefficiencies in retooling and reallocating specialized

LEACHATE

Typically, polluted water as a landfill site runoff. Natural water sources are at risk if this is not collected.

LEADERSHIP

1. The position as head of a group of people or an organization. A type ability attributed to leading. 2. One or more individuals allowed to lead an organization as a group.

LEARNING PORTAL

Website of various source of learning and training goods and services.

LEGAL ENTITY

A lawful or legally standing association, corporation, partnership, proprietorship, trust, or individual. Has legal capacity to (1) enter into agreements or contracts, (2) assume obligations, (3) incur and pay debts, (4) sue

LEGGING

Gaining status slowly by making one decision at a time.

LET

Rent real estate to a tenant. Contrast to subletting. Here the tenant rents the property to a different tenant.

LETTER OF INSTRUCTION

Not a legal instrument. Information required by an executor to execute a will. Also refer to letter of wishes.

LEVEL DEATH BENEFIT OPTION

Universal life insurance option paying the policy’s face value or a specified accumulation value percentage upon the insured’s death.

LEVERAGE

Use of existing power, information, and material to obtain a successful result, minimizing overall resource expenditure. Influential capability over a system, or environment, to multiply results from one’s efforts with no corresponding

LIENEE

Debtor or party whose assets or property is held by lien by a creditor, claimant, or ‘lienor’.

LIFE EXPECTANCY

Per the mortality table being used as a reference, the average amount of years remaining in a person’s life.

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