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

LETHAL CONCENTRATION 50 (LC50)

Standard measure of surrounding medium toxicity. Half of the sample population (50%) of a specific test-animal in a specified period die from exposure via inhalation or respiration. As a toxicity comparison, LC50

LET

Rent real estate to a tenant. Contrast to subletting. Here the tenant rents the property to a different tenant.

LETTER OF AGREEMENT

Goods, services, space, agreed-to prices, terms, and time are all particulars documented in what becomes a binding contract once the associated parties all sign it.

LETTER OF ACCEPTANCE

Formal acceptance of a position or award by the successful candidate using written communication. Details of a position including salary, perquisites, starting date, location of the reporting office, and the name of

LEONINE CLAUSE

A party is excused from sharing liabilities arising out of the agreement as a stated provision in said agreement.

LEGEND DRUG

Caution: Federal law prohibits dispensing without a prescription’ labeled drug.

LETTER OF CREDIT (L/C)

Buyer’s or importer’s bank, known as the issuing bank makes a written commitment to the seller’s or exporter’s bank, known as the accepting bank, negotiating bank, or paying bank. A written commitment

LETTER OF COLLECTION

Past-due customer prodding tool, urging the laggard to make a payment. Typically issued one after another. Tone and language get more direct (testy?) as additional letters go out, unless some money is

LETTER OF GUARANTEE

An importer self-obligates accepting a bill of exchange and, on its presentment at a certain bank, paying the stated amount, as documented in this letter. Securing that bank’s acceptance of an exporter’s

LETTER OF DEMAND

Outstanding principal balance, accrued interest, interest rebate, and early payment penalties, if any are documented and prepared by a lender for a borrower who is paying off a loan before the completion

LETTER OF INSTRUCTION

Not a legal instrument. Information required by an executor to execute a will. Also refer to letter of wishes.

LETTER OF INDEMNITY

A bank or insurance company promises by this written confirmation to act as a 3rd-party on behalf of the first party in a transaction or contract. This 3rd-party covers loss or damage

LETTER OF AUTHORIZATION

Rank, authority, ability/limit for signing a legally binding contract, actions allowed, spending limit, or delegation rules and limits are all typical items documented in this type of written confirmation.

LETTER OF LENIENCY

Offer by deed change to a debtor close to default. Intent is to allow the debtor time to liquidate assets, or arrange to settle the debts without being declared bankrupt. Some or

LETTER OF SETOFF

A bank obtains borrower’s written consent to seize an account for non-payment of a loan or other obligations. If a bank believes its normal, lawful right to setoff may be challenged, it

LETTER OF RENUNCIATION

An allottee-stockholder-shareholder issues this written notification, renouncing or transferring new-issue allotted securities or rights to an issue to other stockholder(s).

LETTER OF WISHES

The settlor or trustor establishing a trust gives written, non-binding instructions or guidance of the trustee. The settlor must avoid any impression that the settlor is trying to make the trustee a

LETTER OF MORAL INTENT

Parent company gives written notice to a bank of good-faith intention of financial support for a subsidiary working to borrow money from the bank. Not a binding contract of support for the

LETTER OF ATTORNMENT

Existing tenants recognize a new property owner as their landlord for the property they are renting through such a document.

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