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A marble stone about twelve feet longj and three feet broad, placed at the upper end of Westminster Hall, where was likewise a marble chair erected on the middle thereof, in which the English sovereigns anciently sat at their coronation dinner, and at other times the lord chancellor. Wharton. … [Read more...] about LAPIS MARMORIUS

The rule of interpretation where a court will find that a statement that includes a qualifying factor will only apply to the item immediately preceding the qualifier, e.g. the law will apply to X, Y and Z who have at least 2 years of service. The qualifier of 2 years of service only applies to Z, not to X and Y. … [Read more...] about LAST ANTECEDENT RULE

(verb) - To glide; to pass slowly, silently, or by degrees. To slip; to deviate from the proper path. Webster. To fail or fall. Lapse patent. A patent for land issued is substitution for an earlier patent to the same land, which was issued to another party, but has lapsed in consequence of his neglect to avail himself of it. Lapsed devise. See DEVISE. Lapsed legacy. See … [Read more...] about LAPSE

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