The Law Dictionary

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

Category: O

OUTCOME MEASURE

Evaluation of results of a process, activity or a plan, to be compared with expected results.

OUTPLANT

Facility that is far from the main plant.

OVER THE COUNTER (OTC)

1. Retailing: A drug or medication that does not require a doctor’s prescription. 2. Securities: Unlisted US securities (usually unlisted because the issuer does not meet the exchange?s requirements).

OVERDRAFT CAP

This is the maximum amount of money that one bank will transfer to another in one day, limiting the bank?s exposure to monetary transfer risks.

OVER-IMPROVEMENT

Occurs when spending money to improve a property is no longer the best use of the property, or is too expensive when compared to the cost of improving other properties.

OVERSELL

Occurs when a salesman continues trying to sell a product even after a consumer has agreed to buy it.

OBJECT CODE

Code that is outputed by the compiler program. Similar to the machine code sometimes, it is usually in a form that requires translation by another program.

OBJECTIVITY

1. General: Doing one’s best to get rid of biases, and other subjective evaluations, by solely depending on objectifiable data. 2. Accounting: The dependance of an accountant on objectifiable evidenceto provide an

OCCUPANCY COST

The second most contributing factor to the operating cost of a business which involves the cost of occupying a property. Some companies inspite of ownership of the property implement the occupancy cost

OCCUPATIONAL SAFETY

The safety and protection of employee health and well being which are enforced through federal laws by the Department of Labor under the US government.

ODOR THRESHOLD

The level of or concentration of odorous vapor in the air that is detected by only fifty percent of the test subjects.

OFF-BOOK PARTNERSHIP

A partnership between two companies to raise investment capital. Often, companies resort to the formation of illegal partnerships.

OFFICIAL DEVELOPMENT ASSISTANCE (ODA)

First compiled in 1969, this statistic is used by journalists and academic to measure aid and as an indication of the floor of international aid. The Development assistance Committee compiles the data

OFFSET MORTGAGE

A flexible mortagage whose net balance is the difference between the mortgage holder’s credit balance and mortgage balance. By linking the mortgage and credit accounts, the homeowner will see a fall in

OFF-SOURCE

Accomplishment of tasks by a third party service provider or manufacturer that saves the company on monetary and labor costs.

ON MARGIN

This is when a securities broker funds a portion of a client’s purchase, with the client paying the rest. The broker keeps the purchased securities as collateral.

ONLINE

1. A device that is connected to the Internet or other network. 2. Documents, files or web page that are accessible for reading and downloading by users of a particular network (usually

OODA LOOP

A concept that sees decision making as the next logical step of a specific process. If a decision has been made, an action has to be taken.

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