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

Category: O

OPEN-END AGREEMENT

a term that is used for a settlement that is made in a worker’s compensation case where payments will continue for as long as the person is no able to work.

OFFER AND ACCEPTANCE

term that denotes that there is an agreement between 2 or more parties about the terms of a contract.

OLD-AGE ASSISTANCE

a term that is given to the financial assistance that is given to the poor and the elderly people.

OPTION TO PURCHASE

the granting of a right to the potential purchaser to be able top buy the product at a certain price.

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

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

OBITER DICTUM

A latin term meaning said in passing, it is a judge’s statement that is based on some established facts, but does not affect the judgement.

OBSOLESCENT STOCK

Items that are utilized as a replacement for other similar items until they are completely used up.

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 RECORD

The original document that is legally recognized and thus ensuring the quality of a fact when it is established. Official records are documented and kept for the entire duration of their retention.

OFFSHORE FINANCIAL CENTER (OFC)

Countries such as Singapore, Luxembourg, etc which offer little to no government interference in the activities of legitimate business owners and financial institutions. OFC’s offer very low income tax rates, often zero

OIL PORT

A harbor located in the middle of the sea to accommodate giant tankers and as such they are equipped with the tools and machines to load, receive and store oil

ONE-SHOTS

This is a type of system commonly used by governments to record expenses that may be used only within a specific contractual period.

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