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

Category: O

OATH PURGATORY

the term applied to a sworn statement where a person purges himself and attempts to clear himself of wrong doing or misconduct.

OATH OF CALUMNY

the name of the oath that the plaintiff makes in his suit against the defendant based on truth and not because of malice or deceit.

OUTRAGE AND INDIGNITY

a term that is applied when a person has injuries to their body as well as harm to their emotional stability.

OUTSTANDING ISSUE

the term that is applied to the number of shares of stock a corporation is allowed to issue. See authorised issue.

OXY-ACETYLENE WELDING

A welding process created with the help of gases. Coalescence occurs when an oxygen flame mixes with acetylene gases when ignited.

OXYGEN DEMANDING MATERIAL

Decomposed material such as food waste and dead plant/ animal tissue which makes use of oxygen during the decomposition process. It reduces the amount of oxygen in the environment.   See Oxygen

OXYGENATE

Chemicals that are used to raise the oxygen level in a blend of gasoline. This is done to reduce the polluting substances from the exhaust gases and to increase the octane rating.

OXYGENATED FUEL

Known commonly as oxyfuel, oxygenated fuel is merely a blend of gasoline which contains oxygenates.

OZONE DEPLETION POTENTIAL (ODP)

A relative value that is calculated in comparison to chlorofluorocarbon11, which is referenced with a value of 1. This relative value is used to determine the level of damage that a ubstance

OXIDIZING AGENT

Those substances which release oxygen when the temperature goes above a certain point, causing sensitive organic material to ignite. An oxidizing agent can also be referred to as an oxidant. An example

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.

OBSTRUCTION OF JUSTICE

The noncompliance with the legal system by interfering with (1) the law administration or procedures, (2) not fully disclosing information or falsifying statements, and (3) inflicting damage on an officer, juror or

OFF BALANCE SHEET

Assets or liabilities that have yet to be realized and hence do form a part of the balance sheet. it is included in the balance sheet only when it becomes actual.

OFFER IN COMPROMISE (OIC)

A taxpayer can pay an amount less than the amount owed for tax liabilities, under this agreement between the IRS and the taxpayer. This only comes into effect if the IRS gets

OFFICIAL RESPONSIBILITY

The duties and responsibilities that accompanies one’s position in office. It differs from moral responsibility in the sense that more than one individual cannot hold an official responsibility and it can thus

OFFSHORE HAVEN

A country or area that has few restrictions on businesses located there and negligible income tax, which is different from an individual’s home country. Offshore havens provide various services such as international

OILFIELD

The location, either onshore or offshore where oil wells are found.

ON BUDGET

When spending is within previously established limits.

ONE-TIME ONLY ADDITION

This is an expense that, once completed, will not usually be incurred again. This might be a one-time project or acquisition, like a computer. This purchase might last for more than one

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