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

LEGAL POSITIVISM

Social perspective of a legal rule’s validity being authorized by law and socially accepted versus being based on natural or moral law. View of man-made law as posited by man for man,

LETTER OF ATTORNMENT

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

LETTER OF APPLICATION

Specified number of securities requested out of a new issue as an allotment is detailed in this document.

LETTER OF AWARD

Contract award to the winning bidder is document by the customer, owner or principal. Award amount, award date, contract signing date are additional particulars in this written confirmation. It may also contain

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 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 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

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 SECURITY

Securities sold directly by the issuer to a buyer. These must be unregistered stock or bonds, known as letter bonds. The buyer sends a signed letter of intent to the regulatory authorities

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 REFUSAL

Refuseal to comply with a stated contract requirement is documented in this written confirmation. Clearly states why and must suggest alternatives for resolution. A subcontractor or vendor not willing to disclose proprietary

LEVEL COMMISSION SYSTEM

New contract and renewed contract commissions are system-regulated to be the same percentage of the premiums.

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

LEVEL LOAD

1. Time-bound, fixed charge or fee. 2. To eliminate bottlenecks and minimize work-in-process inventory, different production rates balanced by an output rate.

LETTERS PATENT

A government assigns title or rights to a private entity through this legal instrument.

LEVEL OF EFFORT (LOE)

Coordination, follow up, liaison work does not result in a definitive end product or outcome; work of a general or supportive nature.

LEVEL DEATH BENEFIT OPTION

Universal life insurance option paying the policy’s face value or a specified accumulation value percentage upon the insured’s death.

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

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