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

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.

LEAP YEAR

Every 4 years one extra day is added to the month of February. Increases the standard 365day year to 366 days. Necessary to synchronize the calendar and astronomical year. The leap year

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

LEARNING ORGANIZATION

In a rapidly changing environment, an organization that gains knowledge and applies it quickly to survive and thrive. Such entities (1) build a culture encouraging and supporting continuous employee training, use of

LEARNING PORTAL

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

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

LEASEHOLD LAND

Tenant / renter / lessee-held real property on a fixed-term lease that returns to its freehold owner / lessor.

LEAST DEVELOPED COUNTRIES (LLDC)

Health care, literacy, and per capita income are criteria for the UN designating some of the world’s poorest countries (48 in 1995) as ‘least developed’. Africa, Asia and Pacific, and Haiti have

LECTURE

Subject matter expert’s formal presentation and a question-and-answer session that typically follows.

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.

LEDGER COST

Value calculated as: total premiums paid minus the end-of-year policy value minus dividends. Life insurance policy’s net cost.

LEG

Travel taken from one stop to another. Also known as portion or segment.

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

LEGAL CUSTODY

Documentary material or records under lawful control, ownership, with access to possess, or responsibility for.

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 INJURY

Law provides specific remedy or damages for property damage, bodily harm, or violation of a right.

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

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 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,

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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.