Terminology Index of L Terms

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List of Terminology Index – L

Lame Duck : Members of a legislature who fail to get re – elected but continue to function as legislators until the new legislature meets. The term was used in the U.S.A.

Large scale integration (LSI) : It is a process of creating high density integrated chips usually thousand gates on a chip.

Lease : It refers to an agreement between the lessor and the lessee. In this agreement the owner of the property gives permission to the other party to use the property on payment of a fixed rent. Rent can be paid monthly, half – yearly or yearly.

Leftist : A term applied to socialists and communists to connote liberal and progressive ideas in politics.

Legal Tender : Money in accepted form which a creditor cannot refuse to accept in payment of a debt.

Legation : A diplomatic mission lower in status than an embassy.

Lend – Lease : The system of leading and leasing supplies and installations to each other, developed among the Allies in the Second World War by U.S. President Roosevelt.

Liberalism : Political policy advocating free trade, religious liberty and extension of franchise.

Limited Company : A registered trading body in which the liability of the members (shareholders) is limited to their share capital (in shares).

Lobbying : Influencing other legislators by persuasion and pressure for their support in important legislative matter.

Local Area Network (LAN) : A relatively inexpensive, simple communication system linking a number of computers within a defined small (university, industrial site, office building, etc.) locality.

Lockout : Closure of a factory by employers when there is a labour dispute and fear of damage to machinery and property.

Lok Pal : A person who is, or has been, qualified to be a judge of the Supreme Court and appointed by the President of India to enquire into allegations of corruption against Union Ministers.

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