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

LEGGING

Gaining status slowly by making one decision at a time.

LEGISLATIVE OVERKILL

Enacting additional necessary restrictions instead of closing or preventing loophole abuse, as intended. For example, instead of changing one law to include everyone originally intended, the legislature enacts an unnecessary law to

LEHMAN BROTHERS

Founded in 1850 by Henry Lehman, Emmanuel Lehman and Mayer Lehman. Worldwide financial services firm. Investment and financial services experts. Forced to file bankruptcy during the financial crisis of 2008 as one

LEMON LAW

Law passed to prevent consumers from being stuck with non-performing, unwanted products.

LENDING INSTITUTION

It may or may not also be a depository institution. A bank, credit union, or finance company that makes loans.

LEND-LEASE

For a common cause or in mutual benefit, friendly parties exchange or transfer of goods and services to each other.

LENGTH AND GIRTH

Airline industry dimensioning method to compute the largest permissible shipment’s size. Formula: Length as the largest measurement plus (2 times the Width) plus (2 times Height).

LENGTH OF SERVICE

how long a person has worked at a company or has belonged to an organization. Longevity in a position; duration of service or employment.

LENGTH OF STAY

Stay in a hospital or similar medical facility as a total length of days.

LENIENCY CLAUSE

Statement in promissory notes curbing default recovery, by lender agreement, if default occurs for reasons beyond the borrower’s control, for a stated period of time.

LENIENCY ERROR

A manager or interviewer rates an employee or the candidate too positively, causing a performance appraisal or interview bias. Contrast with strictness error.

LEONINE CLAUSE

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

LESSOR’S INTEREST

Present value of future lease income plus the leased asset’s present value of its projected end of lease term value.

LESS-THAN CONTAINER LOAD (LCL)

Cargo failing to qualify for freight rates given to a standard shipping container due to insufficient quantity or weight. Shipping term.

LET

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

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

LETTER BY LETTER

Organizing by alphabetic method, ordering entries by letter-sequence. This method treats a multi-word entry as a single stream of letters with no spaces in it. Most reference books follow this method. One

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

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