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

Category: O

ORBIT

The practice of increasing net audience by showing a commercial at different times.

ORDINARY CONSTRUCTION

Buildings that have wooden joists, stairwells with only limited protection and finishes that limit where a fire can spread.

ORGANIC FARMING

Agricultural production processes that only use natural sources of nutrients and do not use synthesized chemicals or genetically modified crops.

ORGANIZED

1. To employ a logical system to structure otherwise random or chaotic elements. 2. To operate in an efficient or methodical manner.

OSMOSIS

Movement of a solvent towards a higher concentration solution from a lower concentration solution. Osmosis occurs through a semipermeable membrane that keeps the two solutions separate, but can be passed by the

OTHER SOURCES

Sources of additional funding during a business period, other than depreciation or tax deferral. Sources include lease agreements, retained profits, hire purchases, etc.

OUTFLOWS

Transferring money from one account to another, to pay for products or services.

OUTPUT DEVICE

A computer peripheral that converts computer output into forms that can used directly (e.g. printer) or with another device (e.g. a DVD writer).

OVERBOOKING

The practice of selling more tickets for a flight or concert than can be accommodated, to avoid empty seats caused by ?no-shows?.

OVERHEAD RATE

Calculated by dividing overhead costs over a given period by production activity.

OVERRIDING COMMISSION

This commission is paid to a primary agent for sales made by subagents in his or her territory. It may also refer to the amount owed to the owners of an acquired

OVERWEIGHT

A portfolio’s investments are overweight when the percentage amount invested in a particular market is greater than the market’s proportional share of total capitalization. Opposite of UNDERWEIGHT.

OBJECT ORIENTED PROGRAMMING (OOP)

a programming ideology that views programs as a combination of objects, which are capable of exchanging information between one another, and can be easily combined to form modules or blocks. An object

OCCUPATIONAL OUTLOOK HANDBOOK

A guide that is updated annually with regards to providing information on the different job types. It is released by the Labor Bureau of Labor Statistics department of the US government. It

OFF PREMISES

A percentage of the total coverage amount that is in effect at a location that is not covered in the details of the policy

OFFICE OF MANAGEMENT AND BUDGET (OMB)

A executive agency under the federal government that works closely with the President to provide recommendations with regards to budgetary matters such as the preparation of the budget that will be reviewed

OFFLINE

A computer that is not electronically connected to another computer or network even though the physical connection is still present. Offline work protects the manipulation of sensitive work by other users on

OFFSITE IMPROVEMENTS

Improvements such as sidewalks, utility lines and sewers that developed off site, that add value to the onsite improvements and thus the entire development.

OLIGOPOLISTIC

A commodity market controlled by a few producers, typically resulting in higher prices for consumers.

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