Legal terms starting with L

An offer that expires because a deadline passes or too much time has gone by.

An offer that expires because too much time has passed or a condition fails.

The unlawful taking and carrying away of someone else's personal property with intent to keep it permanently.

The legal and mental ability to enter into a binding contract.

A loss, burden, or obligation undertaken by one party in exchange for a benefit from the other.

Something of worth in the eyes of the law that can support a binding contract.

The requirement that a contract's purpose must be lawful and not forbidden by law.

The requirement that a contract's purpose and subject matter must be legal and not against public policy.

A contract must involve a legal purpose; agreements to do illegal things are void.

State laws protecting consumers who buy defective vehicles that the manufacturer cannot repair.

A less serious crime that is necessarily part of proving a more serious charge.

A legal claim against property to secure payment of a debt or obligation.

The right to use and enjoy property during someone's lifetime only.

A contract clause capping the damages one party can recover if things go wrong.

A fixed amount both parties agree in advance the breaching party must pay.

A contract provision that sets a fixed amount of money owed if one party breaches, instead of leaving damages to be calculated later.

A document stating your wishes about life-sustaining medical treatment if you become unable to communicate.