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

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

OCCUPANCY AGREEMENT

The agreement that allows the buyer to occupy a property beforethe deal is finalized. This is in consideration with the payment of a specified amount of rent.

OCCUPATIONAL DISEASE

Diseases or disorders to the health caused due to an involvement in a particular occupation. Reffered to as industrial disease, it causes cancers in workers in the chemical industry, and other such

OCCUPATIONAL HAZARD

The potential risks to life or functioning of an individual that is inherently associated with his occupation or work environment. Some of these hazards lead to the contraction of a disease or

OCCUPATIONAL OUTLOOK HANDBOOK

A guide that is updated annually with regards to providing information on the different job types. It is released by the Labor Bureau of Labor Statistics department of the US government. It

OCEAN BILL OF LADING (B/L)

A bill of lading for the journey that takes places in the ocean and includes various modes of transportation such as by air or by sea.

OCKHAM’S RAZOR

The requisite that the number of assumptions be kept to a minimum. The simpler of two assumptions is usually assumed in the event that both of them are equally valid.

OCTANE

A compound that is the liquid state and is highly flammable that is used to process petroleum. It is an important component used to determine the antiknocking properties of gasoline.

OCTANE NUMBER

This number provides a good measure of the gasoline’s ignition quality. A higher octane number corresponds to a smaller chance of premature combustion when subject to combustion in a standard engine. It

OCTET

Used primarily in the telecom industry, it is a substitute name for a 8bitbyte.

ODD EVEN PRICING

A pricing method that takes advantage of the psychological fact that customers are greatly influenced by certain prices or price ranges. Initially, this method was intended to enable accurate registration of transactions

ODD LOT DEALER

Brokers who charge a higher rate of commision to combine odd lot orders and then filling them out as round orders.

ODDS

The probability of the occurrence of an event that is expressed as a ratio of the possible occurrences to the possible nonoccurences. The odds of an event A is given by p(A).

ODOR THRESHOLD

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

OF THE ESSENCE

A breach of contract is possible if the principal requirements that is so integral to the contract is not fulfilled.

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.

OFF BALANCE SHEET CONDUITS

The issuance of highly rated commercial papers is carried out by financial institutions through the use of this instrument. It is treated as a separate entity that is not registered on the

OFF BALANCE SHEET FINANCING (OBSF)

The financial contribution of sources that are neither equity investors or lenders, and thus are not included in the presentation of the asset and liability balance sheet. Through the use of OBSF,a

OFF PEAK

A product that is usually offered at a lower price during a period of minimal demand.

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