The Law Dictionary

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

Category: L

LOANSHARK

Illegal lending extortion. Usury interest rates, bodily harm, scare tactics, repeated threats are signs of such extortion.

LOGISTICS CHANNEL

Receiving, handling, storage, transportation, and communications functions as the focus of all networked participants in a supply chain.

LONDON STOCK EXCHANGE (LSE)

Located in London, England, this is an international stock exchange with a regional office in Hong Kong. Currently trading on the LSE are more than 400 international companies from more than 60

LONG TERM CARE (LTC)

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

LONG TON

2,240 pounds, also called an imperial ton. Mostly replaced these days with the metric ton or tonne. Weighs 1,000 kilograms or 2,204.68 pounds. One million dollars in new one dollar notes is

LOSS ASSESSOR

The insurer / insurance company hires one for an insured’s insurance claim investigation and settlement an insured. This person is typically and independent entity. Also refer to loss adjustor.

LOSS FROM LAWSUIT

Income loss on a company’s financial statement accounting for litigation proceedings’ financial impact.

LOSS PREVENTION SERVICE

Lessening damage payout by hazard elimination or reduction. Insurer or outside organization inspect and engineer improvements.

LOT SIZE

An accepted incremental quantity or measure of what an entity is offering for sell or willing to purchase. Another name for lot quantity.

LOWERCASE

Alphabet’s uncapitalized letters. Found in printing establishments that utilize handset foundry type, it is generally stored in the lower part of a type-composer’s job case. This is the source of its name.

LUXURY CLASS

A level above travel class. Most pricey accommodations.

LABOR DISPUTE

Gap regarding the terms and conditions of employment, fringe benefits, hours or work, tenure, wages being negotiated during collective bargaining between an employer and its employees

LABOR YIELD RATE

Time-bound, direct on-the-job labor hours count estimated excluding that period’s paid and unpaid absentees count.

LAND CONTRACT

Conditional real property sale agreement. A buyer buys a property, but gains title only after paying the entire price including interest and other charges, as applicable. Contrast to a mortgage. Here, the

LAND-TO-BUILDING RATIO

Ratio of land with improvements to the total acreage available. Aspects such as open space, green area and parking are typically required to comply with municipal requirements.

LAST CLEAR CHANCE

A principle for making an individual liable for an accident for not avoiding the situation when a final clear opportunity presented itself.

LATERAL SHELF FILE

side-by-side hanging-file filing cabinet, displaying all file tags/labels at once. A lateral file cabinet is wide instead of deep. Contrast vertical shelf file.

LAW OF PROPORTIONS

Economic concept that optimization brings an increase in returns from a manufacturing operation. A change in the proportion of production factors can push toward the optimum or away from it. An example

LEAD (PB)

Natural element as a heavy metal that endangers life. Proven to cause mental retardation, increased infections and cancer rates. Lead blunts the body’s defense mechanisms, the immune system, and collects in blood,

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