Legal dictionary
Available entries: 385 entries
Entries: 385
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Legal dictionary
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Larceny
The wrongful and fraudulent taking and carrying away by one person of the personal goods and property of another from any place, with the intention to convert them for his or her own use, and make them his or her property, without the consent of the owner. Legal dictionary
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Latent defect
Refers to a fault in either real or personal property that could not have been discovered by a reasonably thorough inspection before it was purchased. Legal dictionary
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Leading question
A question asked in such a way that it makes someone give the particular answer that you want, especially during the examination of a witness at court. Legal dictionary
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Leaseback
Refers to an arrangement where a party sells an asset and immediately leases it back on a long term basis, thereby continuing to use the asset without any longer owning it. The arrangement usually applies to real property as well as for durable and capital goods such as aeroplanes and trains. Legal dictionary
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Legal notice
The process whereby a party is made aware of the commencement of legal proceedings affecting their rights, obligations or duties. Although the format may vary, there are strict requirements regarding service of a legal notice which must be adhered to if the legal notice to be effective. Legal dictionary
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Leveraged buyout
Usually applies where a company is purchased with a combination of equity and significant amounts of borrowed money, structured in such a way that the target company’s cash flows or assets are used as the collateral to secure and repay the borrowed money. Legal dictionary
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Libel
To publish in print (including pictures), writing or broadcast through radio, television or film, a lie about another which will do harm to that person or his/her reputation, by bringing the person targeted into ridicule, hatred, scorn or contempt of others. It is a civil wrong and exposes the party that publishes the lie to be sued for damages by the person that can prove the statement about him/her was a lie. Publication need only to be made to one person, but it must be a statement that claims to be fact, and is not clearly identified as an opinion. Although it is sometimes said that the person that makes the statement must have been intentional and malicious, in reality it need only be obvious that the statement would do harm and is untrue. Proof of malice entitles the injured party to sue for general damages for damage to reputation, while an inadvertent libel limits the damages to actual harm called special damages. Legal dictionary
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Lien
A legal claim against another person’s property which is held until a debt owed by that person is paid. They can be consensual (created by agreement) or non-consensual (created by statute or by operation of the law). Legal dictionary
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Limitation of liability clause
A clause in a contract that restricts the amount of money that can be claimed in court by a party to the contract that has suffered financial loss as a result of a breach of contract by the other to the contract. Legal dictionary
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Liquidated damages
Damages that are ascertained at the outset of a contractual arrangement between parties to compensate an injured party for a specific breach of the contract by the other party. Damages can be liquidated in a contract only if the injury is uncertain or difficult to quantify, the amount is reasonable and considers the actual or anticipated harm caused by the breach and the damages are structured to function as damages and not as a penalty. If these criteria are not met, a liquidated damages clause will be void. Legal dictionary
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Lis pendens
Latin for ‘suit pending’, it is a written notice that a lawsuit has been filed concerning real estate, involving either the title to the property or a claimed ownership interest in it. The notice is usually filed in the county land records office. Recording a lis pendens against a piece of property alerts a potential purchaser or lender that the property’s title is in question, which makes the property less attractive to a buyer or a lender. After the notice is filed, anyone who nevertheless purchases the land or property described in the notice takes subject to the ultimate outcome of the lawsuit. Legal dictionary
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Litigation friend
Someone who represents a child, patient, person with a mental disability, or other person who is unable to represent themselves in court. The litigation friend need not be legally qualified and usually is not. Legal dictionary
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Locus standi
The ability of a party to demonstrate to a court sufficient connection to and harm from court proceedings that makes their involvement in those proceedings essential to the fair and proper outcome of those proceedings. Legal dictionary
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Macaroni defence
A strategy intended to make a hostile takeover of a company more difficult, by granting special rights to existing shareholders upon the occurrence of the purchase of a significant amount of shares by an intended purchaser, or the issuing of bonds that can only be redeemed at a very high price. Legal dictionary
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Maladministration
Generally, actions of a government body that cause injustice, but has been extended to include maladministration by virtually any institution providing services to the general public. They include delay, incorrect action or failure to take action, failure to follow procedures or the law, failure to provide information, inadequate record keeping, failure to investigate, failure to reply, inadequate liaison, or inadequate communication. Legal dictionary
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