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An accounting principle where the last item of inventory in is the first being sold, usually for the purposes of cost accounting. Known as LIFO. … [Read more...] about LAST IN FIRST OUT

When an offer expires or terminates and ceases to exist. There is no more offer and thus acceptance is not possible. … [Read more...] about LAPSE OF OFFER

A court of last resort, is one which decides, definitely, without appeal or writ of error, or any other examination whatever, a suit or action, or some other matter, which has been submitted to its judgment, and over which it has jurisdiction. 2. The supreme court is a court of last resort in all matters which legally come before it; and whenever a court possesses the power to … [Read more...] about LAST RESORT

In Swedish law. A body of common law, compiled about the thirteenth century, out of the particular customs of every province; being analogous to the common laic of England. 1 Bl. Comm. 66. … [Read more...] about LANDSLAGH

A legacy is said to be lapsed or extinguished, when the legatee dies before the testator, or before the condition upon which the legacy is given has been performed, or before the time at which it is directed to vest in interest has arrived. One which is extinguished. The extinguishment may take place for various reasons. See Legacy, Lapsed. 2. A distinction has been made … [Read more...] about LAPSED LEGACY