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

ORAL WILL

A will communicated verbally to witnesses, rather than in writing, usually when the person is near death. Few states accept oral wills, due to the possibility of fraud, and they are generally

ORBIT

The practice of increasing net audience by showing a commercial at different times.

ORDER BOOK

When an initial public offering of shares is made, this is a list of investors who have subscribed to buy shares.

ORDER CARD

A document that confirms an order is being placed.

ORDER ENTRY

The act of recording an order in the company?s system, so that it can be viewed, changed and/or executed.

ORDER FOR ACCOUNT

A court order, requiring an investigation into the amount owed as the result of an agreement between one party and another.

ORDER INTAKE

Once an order has been processed, the company acquires responsibility for maintaining and discharging the order.

ORDER OF DISCHARGE

1. Bankruptcy: Court order that frees the bankrupt from legal obligations to pay off current debts. 2. Contracting: Court order that ends a contractual obligation between two or more parties.

ORDER OF MAGNITUDE

To increase or decrease some aspect of a process (e.g. output, efficiency, waste) by a multiple of 10.

ORDER PARAMETER

A measure of changes following a phase transition. For instance, when a liquid becomes a gas, the order parameter would be density. Order parameters can be used to measure variables occurring as

ORDER POLICY

Standardized instructions for the replenishment of stock, such as when order point is reached or when stock is completely exhausted.

ORDERLY SALE

Sale of assets without pressure to sell as quickly as possible or to accept whatever offers are made. See FORCED SALE.

ORDINARY CONSTRUCTION

Buildings that have wooden joists, stairwells with only limited protection and finishes that limit where a fire can spread.

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