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

LIST BROKER

Entity that sells categorized lists for use in direct mail campaigns, of people in a geographical area.

LISTED SECURITY

Investment instrument, stock, shares, bonds, officially quoted or listed for public trading on a stock exchange. In over the counter market in the US or in alternative investment market in the UK

LISTED PROPERTY

Property for lease or sale assigned to an authorized real estate broker. Also known as listing.

LIQUIDATED DAMAGES

Cash compensation, agreed to by signed, written contract for breach of contract, payable to the aggrieved party. The contract succinctly specifies what actions, or omissions, constitute a breach. To be legally enforceable,

LINEARITY

1. Un-natural, mostly theoretical property of ordered systems and straight lines, characterized by ‘good behavior,’ predictability, and simple proportions. It is not a common feature of the natural (real) world and exists

LISTING MARK

Certification mark given as a stamp of approval organizations that apply independent standards or testing on qualifying goods and materials. The ‘UL’ mark is such a mark given by Underwriters’ Laboratory, which

LISTING BROKER

The listing broker contracts to list a property in a multiple listing situation. This broker initiates the listing agreement. The same person may be The listing broker and the cooperating broker.

LITERARY WORK

Written words, numbers, or symbols in any medium, but not audio visually, expresses an intellectual content.

LITERAL CONSTRUCTION

Document content interpreted based solely on its textual basis, that is it actual words and phrases, and without extrapolation on its deemed or stated purpose. Also known as strict construction. Contrast to

LIVE WIRE

current is flowing through this part of electrical wiring. Contrast to a ground wire or a neutral wire. Also known as hot wire.

LIVE SPACE

Area inside a wall that reflects sound, thus sustaining it.

LISTING AGENCY

Independent private or public standards or testing organization that assesses goods and materials based on specific criteria and gives its mark, known as listing mark, to be carried on qualifying items as

LIVING TRUST

Revocable trust as an estate planning device, built on property transfer or gift to one or more beneficiaries from its living trustor. It is not a way to stave off creditors from

LIVING SPECIFICATION

Focusing on form, fit, and function, this set of flexible requirements are designed to easily fit new products, processes, and more advanced requirements into what currently exists. It promotes continuous quality improvements

LLOYD’S ASSOCIATION

Lloyd’s of London is copied by an organized group. It is not affiliated with Lloyd’s. Only responsible for the risk portion they choose to insure, unrelated entities congregate to collectively provide coverage.

LIVING WAGE

Income from working that is sufficient to pay the bills, buy enough food, handle emergencies, and stay off welfare.

LIVING BENEFITS RIDER

A insurance rider attached to a life insurance contract for an insured person who is terminally ill, providing long-term care benefits.

LISTING

1. Posting a accepted security on a stock exchange for trading. 2. Certification of an appliance, equipment, or supplies as complying with specific safety and/or other requirements by an independent standards or

LIMIT ORDER INFORMATION SYSTEM

an electronic system that stores and displays information on limit orders and feeds the data to the specialist display book. Orders that are entered as good, until cancelled, remain in the system

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