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

Category: L

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.

LUMP SUM

1. Single large amount; no smaller amounts; no installments. 2. Entire lot’s , or group of goods or services’ single price. Given no individual item breakdown.

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.

LAX

Easygoing, loose, un-restricted. An expectation of discipline not tightly held, like a business dress code allowing jeans on Fridays.

LEAD USER

a product or service user driving the leading edge of significant market trends. Meeting the needs of these users is a strong incentive for solutions. As user needs become the mainstream, development

LEAP OF FAITH

Business or finance decision to act based on available information or analysis but with an uncertain the outcome. Attributed to the religious act of accepting the existence of a deity without tangible

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