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

LOBSTER TRAP

A rule preventing take over by no allowing any partner owning more than 10% from converting their stock into voting stocks.

LOCAL AREA NETWORK (LAN)

Two commercially and industry known major LAN standards are Ethernet and Token Ring. data communication system user-owned. user-operated. Either a short-distance cable and/or wireless-based device connection. Interconnects one or more servers with

LOCAL GOVERNMENT

City, town, county, or state level government. The administrative body for this small geographic jurisdiction. Electing officials, enacting taxes, and doing many things a national government can do is within its jurisdiction.

LOCALIZATION

accommodating the language, cultural, political and legal differences of a foreign market or country as a practice for adjusting a product’s functional properties and characteristics.

LOCK IN

Guarantee of a given interest rate for a limited amount of time as a commitment from a lender to a borrower.

LOCKBOX

Banking related service allowing a company to drop its deposit in a postal box where the bank will obtain the deposit and post it to the company’s bank account(s). Typically this service

LOCK-BOX SYSTEM

In the event the business property is destroyed or theft is attempted, this is an area where important documents are stored safely.

LOCK-IN PERIOD

1. To generate a certain minimum return on the monies loaned, to cover the lender’s marketing and loan administration expenses, this is a period when loan full-payoff is not allowed without penalties,

LOCKOUT

Employment action. An entity stops or withholds work. The work force is not allowed on entity property during this condition. It is a reverse strike by entity management, intended to compel an

LOCKOUT PERIOD

When a swaps principal cannot be increased or decreased no matter what the interest does.

LOCUS OF CONTROL

Amount of control an entity believes it exerts over current and anticipated circumstances, as well as expected responses as behavior toward these circumstances.

LODGING

total of rent and a reasonable expense for utilities and provided appliances, furniture, and amenities.

LOG BOOK

Record of activities, events, and/or occurrences, systematically, daily or hourly.

LOG DATE

Made while logging activities in a log book, this is the specific calendar date and/or time that the entry was posted.

LOGARITHM (LOG)

Inverse of an exponential. Raising the base to a power to give another number. Base 10 logarithm is known as common logarithm.

LOGARITHMIC SCALE

Measure of unit increase or decrease that is actually a tenfold increase or decrease in the quantity measured. For example, a pH reading of 5 pH indicates 10 times the acidity of

LOGGING

In a log book, the systematic daily or hourly recording of activities, events, and/or occurrences.

LOGICAL INCREMENTALISM

A management philosophy: strategies develop over various small decisions evaluated periodically, and not by a one-time decision. Logical results through experimentation and learning lead to these small decisions, not random determination.

LOGISTICS CHANNEL

Receiving, handling, storage, transportation, and communications functions as the focus of all networked participants in a supply chain.

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