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

Category: L

LOGGING

In a log book, the systematic daily or hourly recording of activities, events, and/or occurrences.

LONG TERM DEBT

Some amount due from the balance sheet date for 12 months or longer. A bank loan, mortgage bonds, debenture, or other obligations not due for one year are several examples. In a

LOOKBACK PERIOD

Determining if a company is paying employment taxes on the correct depositing schedule during this timeframe. July 1 through the next June 30 is this timeframe. A company decides during this time

LOSS DEVELOPMENT FACTOR

Claims reported late give the insurer extra money due to this factor introduced to permit development of losses and reimbursement.

LOSS OF MARKET

Lost chance to sell a potential buyer a specific item. Excluding it as a standard business peril in this circumstance from certain contracts is typically done.

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.

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