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

Category: L

LOCAL AREA NETWORK (LAN)

Two commercially and industry known major LAN standards are Ethernet and Token Ring. data communication system user-owned. user-operated. Either a short-distance cable and/or wireless-based device connection. Interconnects one or more servers with

LOG BOOK

Record of activities, events, and/or occurrences, systematically, daily or hourly.

LONG SQUEEZE

A downward stock price trend accelerated by attempted long position liquidations by investors, hoping to minimize their losses. Also refer to short squeeze.

LONG-RUN AGGREGATE SUPPLY

in a specific period of time, produced and tracked across the national economy, this is the total amount of goods and services .

LOSS CONSTANT

Compared to other risks in the same classification, this amount intends to offset greater-than-average losses most smaller risks have.

LOSS LIMITATION

Retrospective rating formulas component. Calculating the final premium with a designed catastrophic losses limit versus full hit reporting.

LOSS WORKTIME RATE

Absentee hours tallied divided by Normal hours constant, typically 35 hours, times 100. Expressed as a percentage. Illness, injury, any medical problem, child care and other family and personal obligations, maternity or

LOW TRUST SYSTEM

Employee autonomy over how to do a job, or control over work conditions is low in this work setting.

LUMP SUM CONTRACT

A contract requiring no cost breakdown. The principal, either customer or owner, agrees to pay a specified amount for work a contractor completes.

L

Yearly obligations to a financial institution.

LAMATERIAL

Fusing or joining sheets of different materials into one sheet. Properties are better that the collective properties of the constituent materials.

LARGE CAP STOCK

When a company’s stock gains more than $5 billion. Refer to micro and midcap stock.

LATE MAJORITY

Diffusion of innovation theory holds that the majority group of roughly 34 percent of population is just ahead of the ‘laggards’ in trying or adopting a new product. This group’s members are

LAW OF CONTRACT

Rules on agreements, oral and written, agency relationships, commercial paper, employment, and business organizations as a governing body of law.

LAY DAYS

Days a port authority allows a ship to load or unload cargo with no demurrage or late charges. Expressed as (1) Running Days: consecutive days plus weekends and holidays. (2) Working days:

LEAD USERS

Early consumers of latest methods, technologies, goods and products. This makes significant opportunities to springboard innovative products. As leading proponents, their needs direct the general market’s needs and choices.

LEAP YEAR

Every 4 years one extra day is added to the month of February. Increases the standard 365day year to 366 days. Necessary to synchronize the calendar and astronomical year. The leap year

LEG

Travel taken from one stop to another. Also known as portion or segment.

LEGALITY

In general, it is that which makes something legal. 1. As implied warranty that the statutes of a particular jurisdiction are the basis for any act, agreement, or contract in that jurisdiction.

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