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

Category: O

OPEN BOOK

When liabilities have a shorter maturity date than the assets.

OPEN INTEREST

The number of outstanding futures not accomidated by delivery availability.

OPEN OUTCRY

When floor traders agree on terms by communication or hand signals.

ORJURER

L. Fr. In old English law. to forswear; to abjure.

ORDINARY DILIGENCE

is that degree of care which men of common prudence generally exercise in their affairs, in the country and the age in which they live. Erie Bank v. Smith. 3 Brewst. (Pa.)

OLCOTT V

Ga- bert. 86 Tex. 121, 23 S. W. 985. Also an overseer, (coadjutor of an executor,) and one who disseises a person of land not to his own use, but to that

OBEDIENCE

Compliance with a command. prohibition, or known law and rule of duty prescribed; the performance of what is required or enjoined by authority, or the abstaining from what is prohibited, in compliance

OBRA

In Spanish law. Work. Obras, works or trades; those which men carry on in houses or covered places. White, New Recop. b. 1, tit. 5, c. 3,

OBTAIN

To acquire; to get hold of by effort; to get and retain possession of; as. in the offense of “obtaining” money or property by false pretenses. See Com. v. Schmunk, 207 Pa.

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