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

Category: O

OVERLEARNING

Repetition of learning beyond the amount required to retain the information.

OBLIGATIONS INCURRED

The amount at which transactions such as order placements, buying and selling of goods take place.

OCTET

Used primarily in the telecom industry, it is a substitute name for a 8bitbyte.

OFF THE RECORD

A statement that is intended to be a part of the proceedings such as a court case.

OFFICE VISIT

The services that are offered by the physician when a visit is paid to his office.

OFFSETTING BALANCE

The amount that is required to prevent a loan account from dropping below the recommended balance.

OIL AND GAS LOTTERY

A program formerly headed by the US Bureau of Land Management that established the auction program for oil and gas leasing. It is also referred to as the oil and gas lottery

OMISSION

Failure to complete a duty or task, usually as a result of apathy, complacency or neglect.

ONE SATISFACTION RULE

A plaintiff should only receive one remedy for any particular claim. If multiple remedies are available, the plaintiff must choose one, or divide restitution amongst the available remedies.

ONLINE DATABASE

A web-based filing system used to store information or records, accessible by using web scripts. Use often requires a paid subscription.

OPEN ENDED LEASE

A lease agreement that may require the lessee to pay the difference between the leased item?s original value and its value upon return.

OPEN PLAN

Derived from the work of American architect, Frank Lloyd Wright, and French architect, Le Corbusier, open plan spaces are partitioned with temporary screens and modular furniture, rather than walls and permanent fixtures.

OPEN TICKET

Travel ticket that is valid for a fixed period of time, but that does not specify particular travel times.

OPERATING MARGIN

A margin that doesn?t include depreciation or taxes, calculated by dividing operating income by net sales.

OPTIMAL SOLUTION

The solution that best utilizes available resources to achieve the company?s aims. No amount of tinkering will improve such a solution. Such solutions are difficult to ascertain statistically and are normally generated

OPTIONEE

The recipient of option rights from an optioner.

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