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

OFFICE SUPPLIES EXPENSE

The record of the transaction on the balance sheet that corresponds to the amount spent on the purchase of office supplies.

OFFICE VISIT

The services that are offered by the physician when a visit is paid to his office.

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

OFFICIAL RECEIVER

An individual who is appointed by bankruptcy court who has no connection to the property on which debt is charged. This individual manages the property and presides over the meetings of creditors,

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.

OFFICIAL RESERVE

The value of the nation’s reserve holdings encompassing gold reserves, tradable foreign currencies and special drawing rights.

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

OFFICIAL STAFF COMMENTARY

The Federal reserve’s commentary that provides an explanation of the interpretations of regulations while acting as a guide to consumer’s exercise of rights. The format of the commentary follows that of a

OFFICIALS

1. A person or a group of individuals who are tasked with assuming the responsibility for the control and regulation of an activity that is fair to all participating parties. They are

OFFICIOUS BYSTANDER TEST

A test used to determine if an unstated condition was originally implied at the time of writing the contract. In the method, an investigator tries to determine if the contracting parties had

OFFICIOUS INTERMEDDLER

A person under no obligation to confer a benefit or privelege to another individual, but does so unilaterally. This person cannot expect anything in return for the performance of the aforementioned deed.

OFFLINE

A computer that is not electronically connected to another computer or network even though the physical connection is still present. Offline work protects the manipulation of sensitive work by other users on

OFFLINE DEBIT CARD

Cards that have a slight delay in the processing of the seller’s transactions and as such the seller’s account is only credited with the amount after two days. In comparison, funds are

OFFLINE READER (OLR)

A progam that automatically downloads emails and other files onto the user’s computer from the internet and allows for their reading at the user’s convenience even when offline.

OFFLOADING

1. Also known as discharging, it refers to the process of unloading the cargo from a transportation vehicle. 2. The blissful sale of a product at the offered price

OFFSETTING BALANCE

The amount that is required to prevent a loan account from dropping below the recommended balance.

OFFSHORE

1. A country that is not one’s own. 2. Not located on land, but out in the sea

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