OPENING BALANCE : Balance at the beginning of a new accounting period, brought forward from the previous period.
OATH OF OFFICE : A person assuming a position in a public office either through election or appointment is expected to take this formal oath which reminds them of their obligations to the public and to perform their duties to the best of their abilities.
ON THE JOB TRAINING : Training provided to inexperienced employees during the initial stages of employment. This is usually delivered by a professional trainer or an experienced employee, and typically consists of "hands-on" training. If supported by classroom teaching, the classroom portion is considered "off the job" training.
OATH OFFICIAL : the name given to the sworn oath of a public official on assuming office.
OATH OF HIPPOCRATES : the name of the oath that is taken by all medical graduates all over the world.
OUTPUT : 1. Products, services, work or energy that is produced by a company, machine or individual in a given period. 2. Computing: Information suitable for transmission from a computer to external devices; transferring data from internal storage to external media. 3. Contracting: The intended result of a project or contracted work.
OBJECT ORIENTED ARCH : The ease of manipulation granted by this design method is possible through the representation of files and other operations as data structures.
OUTPUT STANDARD : A measurable standard that expresses the amount of energy, work, goods or services a process should produce in a given period.
OPPRESSION : The misdemeanor committed by a public officer, who under color of his office, wrongfully inllicts upon any person any bodily harm, imprisonment, or other injury. 1 Russ. Crimes, 297; Steph. Dig. Crim. Law, 71. See U. S. v. Deaver (D. C.) 14 Fed. 597.
OATH PURGATORY : the term applied to a sworn statement where a person purges himself and attempts to clear himself of wrong doing or misconduct.
OUT OF COURT : He who has no legal status in court is said to be "out of court," i. e., he is not before the court. Thus, when the plaintiff in an action, by some act of omission or commission, shows that he is unable to maintain his action, he is frequently said to put himself "out of court." Browu. The phrase is also used with reference to agreements and transactions iu regard to a pending suit which are arrauged or take place between the parties or their counsel privately and without being referred to the judge or court for authorization or approval. Thus, a case which is compromised, settled, and withdrawn by private agreement of the parties, after its institution, is said to b
OUT OF THE STATE : In reference to rights, liabilities, or jurisdictions arising out of the common law, this phrase is equivalent to "beyond sea," which see. In other con- nections, it means physically beyond the territorial limits of the particular state in ques- tion, or constructively so, as iu the case of a foreign corporation. See Faw v. Itober- deau, 3 Cranch, 177, 2 L. Ed. 402; Foster v. Givens. 07 Fed. 6S4, 14 C. C. A. 625; Meyer v. Roth, 51 Cal. 582; Yoast v. Willis, 9 Ind. 550; Larson v. Aultman & Taylor Co., 80 Wis. 281, 56 N. W. 915, 39 Am. SL Rep. 893.
OPERATIVE PART : That part of a conveyance, or of any instrument intended for the creation or transference of rights, by which the main object of the instrument is carried into effect. It is distinguished from Introductory matter, recitals, formal conclusion, etc.
OBSTRUCT : 1. To block up; to interpose obstacles; to render impassable; to fill with barriers or impediments; as to obstruct a road or way. U. S. v. Williams, 23 Fed. Cas. 033; Chase v. Oshkosh, 81 Wis. 313, 51 N. W. 5G0, 15 L. R. A. 553, 29 Am. St. Rep. S98; Overhouser v. American Cereal Co., 118 Iowa, 417, 92 N. W. 74; Gor- ham v. Withey, 52 Mich. 50, 17 N. W. 272. 2. To impede or hinder; to interpose obstacles or impediments, to the hindrance or frustration of some act or service; as to obstruct an officer in the execution of his duty. Davis v. State, 70 Ga. 722. 3. As applied to navigable waters, to "obstruct" them is to interpose such impedi- ments in the way of free and open navigation that vessels are thereby prevented from going where ordinarily they have a right to go or where they may find it necessary to go in their maneuvers. See In re City of Richmond (D. C.) 43 Fed. 88; Terre Haute Drawbridge Co. v. Halliday, 4 Ind. 30; The Vancouver, 28 Fed. Cas. 960. As applied to the operation o
ORDINARY DILIGENCE : is that degree of care which men of common prudence generally exercise in their affairs, in the country and the age in which they live. Erie Bank v. Smith. 3 Brewst. (Pa.) 9: Zell v. Dunkle. 150 Pa.353, 27 Atl. 38: Railroad Co. v. Scott. 42 111. 143; Briggs v. Taylor. 28 Vt. 184 ;Railroad Co. v. Fisher, 49 Kan. 400. 30 Fac. 402: Railroad Co. v. Mitchell, 92 Ga. 77, 18 S. E. 290.
OBJECT, v : In legal proceedings, to object (e. ff., to the admission of evidence) is to interpose a declaration to the effect that the particular matter or thing under considera- tion is not done or admitted with the consent of the party objecting, but is by him considered improper or illegal, and referring the question of its propriety or legality to the court. OBJECT, n. This term "includes whatever is presented to the mind, as well as what may be presented to the senses; whatever, also, is acted upon, or operated upon, af- firmatively, or intentionally influenced by anything done, moved, or applied thereto." Woodruff, J., Wells v. Shook, S Blatclif. 257, Fed. Cas. No. 17,400.
OPERATING RATIOS : These ratios are used to measure the profitability and financial stability of a firm, as well as to help control costs. They are obtained through the expression of each item in an income statement as a percentage of the revenue generated through sales.
OMITTANCE : Forbearance; omission. Omne actum ab intentione agentis est judicandum. Every act is to be judged by the intention of the doer. Branch, Princ. Omne crimen ebrietas et incendit et detegit. Drunkenness both inflames (or ag- gravates) and reveals every crime. Co. Litt. 247a; 4 Bl. Comm. 26; Brooiu, Max. 17. Omne jns ant consensus fecit, ant necessities constituit aut firmavit consue- tndo. Every right is either made by consent, or is constituted by necessity, or is established by custom. Dig. 1, 3, 40. Omne magis dignnm trahit ad se minus dignum, quam vis minus dignnm sit antiqnius. Every worthier thing draws to It the less worthy, though the less worthy be the more ancient. Co. Litt. 3556. Omne magnum exemplum Habet ali- quid ex iniquo, quod publica utilitate compensatur. Hob. 279. Every great example has some portion of evil, which is compensated by tbe public utility. Omne majus continet in se minus. Every greater contains in itself the less. 5 Coke, 115a. Tbe greater always contains t
OWELTY : Equality. This word is used in law in several compound phrases, as fol- lows: 1. Owelty of partition is a sum of money paid by one of two coparceners or cotenants to the other, when a partition has been effected between them, but. the land not being susceptible of division into exactly equal shares, such payment is required to make the portions respectively assigned to them of equal value. 2. In the feudal law, when there is lord, mesne, and tenant, and the tenant holds the mesne by the same service that the mesne holds over the lord above him, this was called âowelty of services.â Tomlins. 3. Owelty of exchange is a sum of money given, when two persons have exchanged BL.LAW DICT.(2D ED.)
OCCUPATIONAL OUTLOOK : 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 provides a comprehensive list of various jobs inclusing information of educational and skill requirements, expected salary, training, and work conditions. It also highlights the duties that are typically associated with each job in addition to tips for a job search in the various states.
OBJECT COST : The total sum of direct and indirect costs to the manufacturer on a product or service provided.
ON OR BEFORE : These words, inserted in a stipulation to do an act or pay money, entitle the party stipulating to perform at any time before the day; and upon per- formance, or tender and refusal, he is immediately vested with all the rights which would have attached if performance were made on the day. Wall v. Simpson, 6 J. J. Marsh. (Ky.) 156, 22 Am. Dec. 72. Once a fraud, always a fraud. 13 Vin. Abr. 539.
Other definitions : Insanity is a manifestation of disease of the brain, characterized by a general or partial derangement of oue or more faculties of the mind, and in which, while consciousness is not abolished, mental freedom is perverted, weakened, or destroyed. Hammond, Nervous System, 332. The prolonged departure, without any adequate cause, from the states of feeling and modes of thinking usual to the individual in health. Bouvier. By insanity is not meant (in law) a total deprivation of reason, but only an inability, from defect of perception, memory, and judgment, to do the act in question, [with an intelligent apprehension of its nature and consequences.] So, by a lucid interval is not meant a perfect restoration to reason. but a restoration so far as to be able, beyond doubt, to comprehend and to do the act with such reason, memory, and judgment as to make it a legal act. Frazer v. Frazer, 2 Del. Ch. 203.
OPERATION : In general, the exertion of power; the process of operating or mode of action; au effect brought about in accordance with a definite plan. See Little Rock v. Parish, 3G Ark. 100; Fleming Oil Co. v. South Peun Oil Co., 37 W. Va. 053, 17 S. E. 203. In surgical practice, the term is of indefinite import, but may be approximately defined as an act or succession of acts performed upon the body of a patient, for his relief or restoration to normal conditions, either by mauipulation or the use of surgical instruments or both, as distinguished from therapeutic treatment by the administration of drugs or other remedial agencies. See Akridge v. Noble, 114 Ga. 940, 41 S. E. 78.
OFFICIOUS BYSTANDER : 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 intended to included the term âxâ in the contract. As such, an unimplied term can be one that is logical and reasonable under the present condition, but one that wasnât accounted for at the time the contract was drafted.
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.
OVERDRAFT : 1. Loan arrangement that enables individuals or businesses to borrow up to an agreed limit without prior approval. Overdrafts can be paid off at any time and interest is charged on the daily debit balance. Overdrafts can be ?called? by a bank, usually in response to a fall in the borrower?s credit rating, the suspicion that the borrower may default on the overdraft loan, or when the borrower has not paid off an overdraft loan and it has become a ?hardcore? debt. 2. The debit balance of a bank account where more funds have been withdrawn than have been deposited.
OSMOSIS : Movement of a solvent towards a higher concentration solution from a lower concentration solution. Osmosis occurs through a semipermeable membrane that keeps the two solutions separate, but can be passed by the solvent. When the two solutions are of equal concentration, osmosis stops. Osmosis is a key process in the delivery of nutrients between cells.
OPEN BOOK MANAGEMENT : The philosophy that a firm will succeed if all of the employees share finance and operations information. Four basic practises are necessary for this: 1. Employees must be appropriately trained. 2. Employees must be empowered to use this information to cut costs. 3. Employers must trust employees to act as equal business partners. 4. Employees must be fairly rewarded for business success.
OPERATING BUDGET : A comprehensive breakdown of incomes and costs, based on sales forecasts for a set period of time. Often sub-divides budgets, with the sales budget tending to be the priority. Long-term costs (such as capital outlays) are not included, as operating budgets only cover the short-term.