Last-ditch (adj.) : Final, desperate. (Often used with the words "effort", "attempt", etc.) ex: "He made a last-ditch effort to catch up to the front-runner."
Later: Short for "See you later."
Laugh (one's) head off: To laugh very hard. ex: "I laughed my head off throughout the whole movie."
Leave a bad taste in (someone's) mouth: Leave (someone) with bad feelings. ex: "That whole experience left a bad taste in my mouth."
Leave someone hanging: To not help someone when they ask for help, when they're in trouble. ex: "Don't leave me hanging... I'm counting on you!"
Legit (adj.): Short for "legitimate".
Lemme: Short for "let me".
Let-down (n.): Disappointment. ex: "I was sure that my team would win, but they lost. What a let down!"
Let (someone) have it : To attack someone (physically or verbally) with force. "Let them have it" is often shortened as "To let 'em have it" ex: "After the boys broke Mr. Smith's window, he came out and really let 'em have it."
Lighten up (v.): To relax; to not take things too seriously. ex: "You gotta learn to lighten up a bit!"
Loser (n.): A person who fails at everything s/he tries/does in life.
Lousy (adj.): Terrible. ex: "She's a lousy singer!"
Lowball, low-ball (v.): To (deliberately) underestimate or make an offer for something that is significantly below it's fair value.
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