Legal Terms

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Last Clear Chance.

A doctrine that liability may attach to a person who, immediately before an accident, had a last clear chance to avoid it and did not.

Lease.

Contract whereby the owner or user of property (the lessor) agrees to let another party (the lessee) use the property for a consideration (money or rent).

Legal Hazard.

An increase in the likelihood that a loss will occur because of court actions.

Legal Liability.

Liability under the law as opposed to liability arising from contracts or agreements. In insurance, it is most often used to refer to the liability that an individual has if he or she should negligently injure another party. For example, an owner of an automobile may be held legally liable if he or she is negligent in the operation of the automobile and injures another person or damages another person's property as a result of that negligence.

Lessee.

The person to whom a lease is granted. Commonly called the "tenant."

Lessor.

The person granting a lease. Also known as the "landlord."

Liability.

See Legal Liability.

Libel.

A written statement about someone which is personally injurious to that individual. In maritime law it means legal action brought against the owner of another ship. See also Defamation.

Licensee.

(1) One who is licensed. (2) A person who goes on the premises of another for his or her own interests. The owner of the premises must use ordinary care not to injure a licensee. A person using another's land for a shortcut, as long as he had the permission of the owner, would be an example. See also Degree of Care.

Lien.

A claim against property which then serves as security for the payment of that claim.

Liquidated Damages.

Damages that are agreed to either by the court or by the parties to a suit or action.

Liquor Control Laws.

See Dram Shop Laws.

Litigant.

One who is engaged in a lawsuit.