A proper lookout on a vessel is some one in a favorable position to see, stationed near enough to the helmsman to communicate with him, and to receive communications from him, and exclusively employed in watching the movements of vessels which they are meeting or about to pass. The Genesee Chief v. Fitzhugh, 12 How. 462, 13 L. Ed. 1058. … [Read more...] about LOOKOUT
L
LOGS
Stems or trunks of trees cut into convenient lengths for the purpose of being afterwards manufactured into lumber of various kinds; not including manufactured lumber of any sort, nor timber which is squared or otherwise shaped for use without further change in form. Kolloch v. Pareher, 52 Wis. 393, 9 N. W. 67. And see Haynes v. Hayward, 40 Me. 148; State v. Addington, 121 N. C … [Read more...] about LOGS
LOOPHOLE
An unintentionally ambiguous area of a law, statute or contract which allows for a person or party to conduct an activity that was either not intended to occur or which may not have been considered and which is usually only to the beenfit of one party. … [Read more...] about LOOPHOLE
LOI
Letter Of Intent … [Read more...] about LOI
LOPWOOD
A right in the inhabitants of a parish within a manor, in England, to lop for fuel, at certain periods of the year, the branches of trees growing upon the waste lands of the manor. Sweet. … [Read more...] about LOPWOOD