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law school
(US) graduate school offering courses in law leading to a law degree
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lease
contract for which the use and occupation of a property is conveyed to another, usually in exchange for a sum of money (rent)
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leased premises
land, building or space in a building which is stated in the relevant lease and occupied by the tenant
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leasehold
property whose duration of ownership or occupation is fixed or capable of being fixed
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legal entity
individual or organisation that can enter into contracts, is responsible for its actions and can be sued for damages
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legal opinion
document outlining a lawyer's understanding of the law regarding a particular situation
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legal person
artificial entity created by law and given legal rights and duties, for example a corporation
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Legal Practice Course (LPC)
(UK) course that must be completed before a person can be qualified as a solicitor. It is the first step to becoming a solicitor (the second being working as a trainee solicitor, and the last being successful completion of the Professional Skills Course).
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letter of credit
financial instrument, often issued by the buyer's bank, through which the bank agrees to make payment up to a specified amount for a particular period for goods when delivered
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lex causae
(Latin) law or laws the forum court decides should apply to a case from the relevant legal systems available for determination of an international case
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lex domicilii
(Latin) refers to the law of a party's domicile as applied in a choice of law situation
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lex fori
(Latin) law of the forum in which the matter is pending
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lex loci actus
(Latin) law of the place where the act involved in the case was carried out
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lex loci arbitrl
(Latin) law of the place where arbitration is to take place (in conflict-of-Iaws context)
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lex loci contractus
(Latin) law of the place where the contract is made
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lex loci delictl
(Latin) law of the place where the wrong was done
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lex loci solutionis
(Latin) law of the place at which payment or performance of a contract is to take place
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lex mercatoria
(Latin) refers to a set of trading principles used by merchants in Europe during the Middle Ages; today refers to a system of laws which is adopted by all commercial nations
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lex patriae
(Latin) national law
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licence
(UK) permission or authority to do something which would otherwise be illegal. No interest is transferred in this case. (US license)
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lien
interest or attachment in another's property as security for payment of an obligation
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lien creditor
creditor whose claim is secured by a lien
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life estate
estate granted only for the life of the grantee
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life tenant
person who holds a life estate or an estate pur autre vie, or for the benefit of another
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liquidated damages
(also stipulated damages) compensation that is agreed to in the contract
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liquidation
dissolution of a company whereby all assets are sold and the proceeds used to pay off debts
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lis alibi pendens
(Latin) refers to when a dispute is pending elsewhere and can be pleaded by a party to avoid duplication of judgments in different jurisdictions
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LLB (Legum Baccalaureus)
(UK) Bachelor of Laws, law degree (US)O (juris doctor))
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loan capital
form of long-term borrowing
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lockout
preventing people from entering a building by locking it, such that employees cannot work
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