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L/R would be left rear.
"Strut" is generally referring to a Macpherson strut, which is a suspension type that contains the shock and spring all in one package. They're very common in modern cars. If it's leaking it's in bad shape and will need to be replaced. It breaking isn't necessarily life threatening, but could make for a very uncomfortable ride.
If it's actually leaking hydraulic fluid you should be able to verify this for yourself with a visual inspection.
I'm surprised they didn't bring this up when you picked up the vehicle.
__________________
I wake up in the morning more tired than before I slept
I get through cryin' and I'm sadder than before I wept
I get through thinkin' now, and the thoughts have left my head
I get through speakin' and I can't remember, not a word that I said
- Ben Harper, Show Me A Little Shame
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