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

Category: L

LAW REVIEW

the name of the magazine that is published by every law school and contains articles of interest to law students.

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

LAYOFF

Employment suspension or termination with or without notice due to no fault of the employee. Lack of work, cash, or material can be the reason. Redundancy is a term for a permanent

LEADER LOCATION

A site that attracts customers to the insured’s business. One of the four kinds of dependent properties covered under business income insurance.

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

LIKERT SCALE

This is a statistical term. A numerical value coincides with each potential choice. A mean value for all the responses is calculated at the end of the evaluation or survey. This is

LIMITED LIABILITY PARTNERSHIP (LLP)

To prevent liability as a partner for the negligent acts caused by any other partners or any one else not under his or her command, one enters into this type of US

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.