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Law

Of or pertaining to the system of rules which a particular country or community recognizes as regulating the actions of its members and which it may enforce by the imposition of penalties.

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Law > Contracts

limited guarantee

Law; Contracts

Written undertaking to fulfill a specific obligation. Also called specific guarantee.

limited occupancy agreement

Law; Contracts

An arrangement that allows a person to occupy a property for an agreed-upon length of time given certain conditions that must be met. A limited occupancy agreement may be used by ...

listing

Law; Contracts

1. Acceptance of a qualifying security for trading over a stock exchange. 2. Certification of an appliance, equipment, or supplies by an independent standards or testing ...

loss of bargain rule

Law; Contracts

Legal rule that damages paid to the aggrieved party in a breach of contract case should be sufficient in amount to put that party in a position it would have been had the breach ...

lost profits

Law; Contracts

Method of estimating damages in which a seller is compensated for the profit not realized due to a breach of contract by a buyer.

lowest responsible bidder

Law; Contracts

Qualified bidder with the lowest or best bid price, and whose business and financial capabilities, past performance, and reputation meet the required standards.

lump sum bid

Law; Contracts

Single bid that covers (without providing a cost breakdown) all cost, such as for equipment, labor, material, overheads, and services. It also includes the contractor's fee ...