estates. When an estate is so expressly confined and limited by the words of its creation, that it cannot endure for a longer time than till the contingency shall happen, upon which the estate is to fail, this is denominated a limitation; as, when land is granted to a man while he continues unmarried, or until the rents and profits shall have made a certain sum, and the like; … [Read more...] about LIMITATION ESTATES
L
LIGHT-HOUSE
A structure, usually in the form of a tower, containing signal lights for the guidance of vessels at night, at dangerous points of a coast, shoals, etc. They are usually erected by government, and subject to governmental regulation. Light house board. A commission authorized by congress, consisting of two officers of the navy, two officers of the corps of engineers of the army, … [Read more...] about LIGHT-HOUSE
LIMITATION OF DAMAGES CLAUSE
A contractual clause which limits or sets the maximum amount of damages that will be awarded in the event of breach. … [Read more...] about LIMITATION OF DAMAGES CLAUSE
LIFE EXPECTANCY
The amount of time that a person is expected to live based upon an evaluation of their health, lifestyle and other relevant factors. … [Read more...] about LIFE EXPECTANCY
LIFO
Last In, First Out … [Read more...] about LIFO