| Laches |
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Failure to assert a claim within a
reasonable time period and negligence in failing to assert the
claim. |
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| Leading
question |
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A question phrased in a way to suggest an
answer. |
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| Lease |
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A formal agreement or contract for the
rental of a piece of real estate or property. |
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| Leave of
court |
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Permission from the court to take action
that would otherwise not be permissible. |
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| Legacy gift |
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Assets given to a person or organization by
a will or final testament. |
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| Legal duty |
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An obligation resulting from a law or legal
contract. |
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| Lessee |
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The person paying rent in a lease
agreement. |
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| Lessor |
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The owner of the property and receiver of
rent payments in a lease agreement. |
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| Letter of
credit |
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In a purchase, a letter from a bank or
other person to the seller, which secures the credit of the
buyer. |
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| Liability |
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A person or organization's extent of
responsibility for a hazard or loss. |
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| Libel |
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The defamation of a person's reputation, in
writing or by images. |
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| Lien |
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A claim on a piece of property, as security
for a debt. |
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| Limited Liability
Corporation (LLC) |
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A business which is liable as an entity for
any losses or obligations, but whose owners are not personally
liable. |
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| Limited
Partnership |
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A type of partnership involving at least
one general partner and one limited partner. General partners manage
the business and carry full responsibility for all debts and
financial responsibilities; limited partners contribute resources
and receive profits in return, but are not responsible for debts or
losses. |
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| Liquidated
Damages |
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An amount of damages that is agreed upon by
both parties in a contract, that will compensate for a breach of
that contract. |
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| Litigants |
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Participants in a lawsuit, either as
plaintiffs or defendants. |
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| Litigation |
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A lawsuit. The process of using a court to
resolve a problem or seek remedy for a harm. |
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| Load |
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The portion of the price of a mutual fund
share that pays for sales commission and all other costs. |
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| Long Arm
Statutes |
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Laws that allow a state to extend its
jurisdiction to individuals or organizations not currently residing
in that state. |
