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

Category: O

OUT-OF-POCKET EXPENSES

the term given to the money a person spends to defray the expenses of carrying out his usual duties of his job.

OFFENSE CONTINUING

a term that is applied to the series of unlawful acts that are carried out frequently by the same person.

OPEN-END CONTRACT

a term that is given to an agreement where the exact amount of goods to be bought isn’t specified.

ORIGINAL ENTRY

a term that is given to the first entry that is made in an account book for a particular account.

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

ONLINE TRANSACTION PROCESSING (OLTP)

This is a computing system in which time-sensitive data related to a transaction is processed immediately. Data must always be kept current. This is usually found in online banking, control of inventories,

OPEN BUDGET

This is when a firm has pending transactions that will occur near the end of the accounting period, and the budget will not change until these are accounted for.

OPEN ENTRY

The conspicuous entry of a non-occupant into a premises or property, usually with witnesses present.

OPEN PROCEDURE

A bidding system that enables anyone to submit bids, in order to encourage competitive bidding.

OPEN-END FUND

A fund that allows shares to be bought or sold, according to demand. The fund?s market value is calculated by dividing the total value by the number of shares and then adding

OPERATING UNIT

Subsidiary of any corporation that is run like an independent company. An operating unit has its own structures, assets and liabilities, distinct from those of the parent corporation.

OPPORTUNITY RISK

The likelihood that a loss will be incurred by committing resources to one opportunity, preventing the pursuit of better opportunities in the future.

OPTIMIZED PRODUCTION TECHNOLOGY (OPT)

Production system that takes account of capacity constraints in the production process and does not attempt to continuously operate at full capacity. The aim is not to produce as many units as

OR EQUAL

A contract term that stipulates any replacement items must be equal to the specified item in all relevant respects.

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