Your Free Online Legal Dictionary • Featuring Black’s Law Dictionary, 2nd Ed.

Category: O

ORGANIC

1. Similar to a living organism, with clear and functional internal structure and consistent life cycle of birth, growth, decay, and death. 2. Compounds (natural or synthesized) that contain carbon.

ORGANIZATIONAL CAPABILITY

Resources at an organization?s disposal, including human resources, material resources, financial resources, information resources and intellectual resources.

ORGANIZATIONAL STRUCTURE

A typically hierarchical framework of authority, accountability, communication, and allocation of responsibility. Organizational structures should reflect the goals of the organization if they are to be successful.

ORTHOGRAPHIC PROJECTION

Used in elevations, floor plans and drawings of building sections, orthographic projections are 2D isometric views of a 3D object at right angles to the views and lines of sight, drawn to

OUTPUT

1. Products, services, work or energy that is produced by a company, machine or individual in a given period. 2. Computing: Information suitable for transmission from a computer to external devices; transferring

OVERAPPLIED OVERHEAD

1. The amount by which an overhead has been over absorbed. Added to budgeted profit in end of period accounts. 2. When the overhead applied to a work in progress is more

OVERHEAD BUDGET

A combination of direct and fixed labor costs involved in the manufacture of a product.

OVERREACHING

A legal process that converts interest in one asset to interest in another.

OVERTIME SCHEDULED

Overtime that has been planned ahead of time, to facilitate early completion of a job, or to provide ?out of hours? support.

OBJECT ORIENTED

An operating system that utilizes objects in its user interface or programming language.

OFF PEAK

A product that is usually offered at a lower price during a period of minimal demand.

OFFICIOUS BYSTANDER TEST

A test used to determine if an unstated condition was originally implied at the time of writing the contract. In the method, an investigator tries to determine if the contracting parties had

OFFSHORE TRUST

A trust that is set up in a location, usually another country, different from the trustor’s location.

OLD ECONOMY

Economies having their roots in the Industrial Revolution and the bulk manufacturing of physical goods, whose objects are valued based on their physical properties. These include the energy sector, the steel and

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