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

Category: O

ORGANIC RESERVE REPLACEMENT

Calculation of oil reserves generated through a company?s own exploration and production processes (rather than purchased). Used as an indicator of the strength of an oil company.

ORGANIZATIONAL DESIGN

The design of an organization determines how its operations are differentiated and integrated, as a response to environmental uncertainty.

ORIGINAL BILL

A bill of exchange that has not yet attracted any endorsements.

OUTLINE

1. The shape or boundary of an item or object. 2. A list of the key items in a document or plan, presented in the order they appear in the main document,

OUTSOURCING

The delegation of non-core activities to outside agencies and contractors. Called contracting out, this allows businesses to benefit from specialist skill sets without paying for an in-house team, and it enables companies

OVERLAPPING DEBT

Liability acquired by a local government body in partly or fully financing programs or projects that fall under the jurisdiction of other government bodies.

OVERSHOOTING

Occurs when exchange rates overreact to changes in the short-term and equilibrium is only achieved in the long-term.

OWNER FINANCING

A transaction that involves the current owner of a property part financing its purchase by the buyer.

OBLIGATED BALANCE

The balance in the budget account that is unspent, but it is reserved for a previously allocated purpose.

OCTANE NUMBER

This number provides a good measure of the gasoline’s ignition quality. A higher octane number corresponds to a smaller chance of premature combustion when subject to combustion in a standard engine. It

OFF THE JOB TRAINING

The training of employees at a location other than the usual work location, through the use of simulation, lectures,etc.

OFFICE SUPPLIES EXPENSE

The record of the transaction on the balance sheet that corresponds to the amount spent on the purchase of office supplies.

OFFLOADING

1. Also known as discharging, it refers to the process of unloading the cargo from a transportation vehicle. 2. The blissful sale of a product at the offered price

OIL AND GAS LIMITED PARTNERSHIP

A type of limited partnership that offers minimal threat to the participating partner in the field of the discovery, extraction and purification of oil and natural gases, as the most losses that

OMBUDSMAN

Appointed by governments to investigate complaints from citizens against large organizations (e.g. public bodies, corporations, the media). Typically, ombudsmen have wide-ranging investigative authority, but their punitive powers tend to be limited.

ONCOGENIC

An adjective that describes something known to cause tumors, or to be directly linked to the appearance of tumors.

ONLINE CORPORATE REPUTATION

How a corporation is perceived by Internet users. This will often be determined in blogs, public forums and web articles. Reputation management services can influence online reputation by addressing negative comments and

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