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

LEADERSHIP GRID

Tracking two basic leadership attributes: concern for results and concern for people. A graphical tool for evaluating leader behavior along effective leadership styles..

LEAD TIME

Amount time needed to set up or prepare to execute from being told that execution must occur. Time that must be allowed to complete an operation or process, or time that must

LEAP OF FAITH

Business or finance decision to act based on available information or analysis but with an uncertain the outcome. Attributed to the religious act of accepting the existence of a deity without tangible

LEAN SIX SIGMA

Intent to be lean and Six Sigma. Management problem solving and quality initiatives approach. Based on Six Sigma and Lean tools combined.

LEAPFROGGING

Automatic pay increase or claims for a pay increase for employees based on maintaining pay parity or differential with other employees who gained a pay increase.

LEARNING OBJECTIVE

Lessons expectations statement for a student. Allegedly provides the student a detailed description of what ability is gained when the instruction ends. To assist students on how to make practical use of

LEASE SCHEDULE

Lease attachment or annex formally added. Lists and describes the item leased, required lease payments, and other terms applicable to the lease. The lease terms and conditions are fixed per the master

LEARNING PORTAL

Website of various source of learning and training goods and services.

LEADING PRACTICE

Where it is inordinately difficult to identify or implement a best practice, this team is used instead.

LEAVE BEHIND

As a reminder of the firm and/or good or service being sold, a salesperson gives the customer a gift.

LEGAL ACTION

Lawful pursuit for justice or decision under the law, typically leading to proceeding within the jurisdiction’s court system. An entity accuses another for a unlawful action, to protect an entity’s rights from

LEGACY SYSTEM

Because its data cannot be updated to newer or standard formats, or its applications easily upgraded, obsolete computer systems may be operation essentials.

LEDGER ACCOUNT

Held as a ledger’s separate page. Classifies each as an asset, liability, or owners’ equity. Records each balance sheet item’s increases and decreases. Also known as an account.

LEGAL LIABILITY

Lawful accountability and obligations required due to civil actions or torts, or a contract’s terms. Only a court-decision can set this obligation even if by mutual agreement a settlement occurs out of

LEADING INDICATORS

Measurable economic performance factors. Changes in any factor traced predicts changes in the underlying economic cycle’s particular direction or trend. They forecast forthcoming overall economy patterns as these statistics precede by one

LEGAL PERSONALITY

Sum total of an individual’s legal advantages and disadvantages. Defined as the lawful characteristics and qualities of an entity. An example of these are a person’s age or asset ownership. From this,

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

LEGAL REALISM

A perspective that legal rules are to benefit the larger society and public policy based on judicial decisions. Neither dogma or supernatural authority applies. A court is expected to determine ‘legal rights’

LEGAL LIFE

Intangible asset’s lawful duration. Patent or copyright is an example of such an asset. If an asset’s economic life is shorter than its legal life, the computed amortization uses the economic life.

LEGAL LEASE

Specifically, a leasehold estate authorized with a set term by a deed .

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This site contains general legal information but does not constitute professional legal advice for your particular situation. The Law Dictionary is not a law firm, and this page does not create an attorney-client or legal adviser relationship. If you have specific questions, please consult a qualified attorney licensed in your jurisdiction.