All Legal Terms by letter O

Oath :- To take an oath is to swear by declaration that you are telling the truth. Lying under oath during a trial or deposition may expose one to criminal liability for perjury.

Oath of Office :- The oath of office is taken when the officeholder takes the position officially. The oath of office is usually prescribed by statute or constitution. Generally, the oath of office is a statement that the officeholder will uphold the terms of office and perform the duties required. The oath is largely ceremonial.

Obiter Dictum :- Dictum, or obiter dictum, is a statement found in an appellate court's written opinion that states the court's position as to the law but the position is not on an issue directly necessary to the legal point being decided in the case. Dicta is not precedent, but dicta can be persuasive when arguing similar issues in other cases.

Objective Theory of Contract :- A doctrine of contract interpretation that looks to the contract itself for meaning, rather that giving weight to any subjective notions, such as the concept that minds must meet in order to contract. The corollary to the Objective Theory of Contract is the Subjective Theory of Contract, which is no longer followed.

Obligation :- A person has an obligation where he or she must (or should) perform some act, or not perform some act, based on a moral or legal duty.
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Obligee :- In contract law, the obligee is the person to whom an obligation is owed.

Obligor :- In contract law, the obligor is the person that owes or is obligated to another.

Obscene :- Material that is extremely offensive when considered in light of contemporary community standards or morality and decency. Gross and repugnant. Obscene is a difficult term to precisely define. One Supreme Court Justice actually wrote in an opinion that he could not define obscenity but that he knew it when he saw it.

Occupational Safety & Health (OSHA) Act :- Federal law governing some aspects of safety in some workplaces.

Offer in Compromise :- In tax law, an Offer in Compromise is a good faith proposal made by a taxpayer that is allegedly in arrears to the IRS. The proposal is made directly to the IRS and is an effort to dispose of an unpaid tax liability, including penalty and interest. If the Offer in Compromise is rejected, the taxpayer may appeal the rejection. If the proposal is agreed to by the IRS, a contract results. While the contract is in force, the IRS cannot levy on the taxpayer's property.

Offer :- To bid or present an opportunity for another to accept a proposition. Significant in contract law.

Offer of Proof :- In evidence law, where the judge denies admission of certain evidence, the proponent may request to make an offer of the evidence to the court on the record, outside the hearing of the jury.

Offshore Bank Account :- This is an account that is housed in a financial institution located outside the jurisdiction of the US Banking System and its regulations. Investment products that are sold in the US by the offshore bank are subject to US securities law. The most popular location for these banks is Bermuda and The Cayman Islands. The purpose of using offshore accounts rather than domestic accounts located inside the US is tax avoidance or at least tax minimization. Income on offshore accounts will be taxed at the prevailing local rate, which is usually lower than the tax rate that would be applicable on a domestic US account. Many US banks own offshore financial institutions and operate them as subsidiaries.

Offshore Company :- A US business concern that is organized and incorporated outside of the US is called an Offshore Company or Offshore Corporation. The distinction applies even though all or most of the company's business activities occur inside the US. Many investment companies are organized as Offshore Corporations, offering mutual funds and other financial products. These companies must still comply with US regulations on those operations that occur in the US. The purpose of using offshore corporations may be the perception of less regulation and tax avoidance, or at least tax minimization. Many US companies own offshore corporations and operate them as subsidiaries.

On Demand :- On demand refers to the status of a negotiable instrument, note or draft, such that it is payable on its presentation, which is essentially on request.

Online Banking and Bill Pay :- Online Banking is the use of a personal computer for making transactions in bank accounts while online over the internet. Bill Pay refers to the use of a touch-tone telephone for this same purpose, rather than a computer. These methods are becoming increasingly popular in all areas of the world.

Online Broker :- An online broker will include all brokerage houses that execute buy and sell trade orders for their customers over the internet. Online Brokers generally do not offer many of the research tools or financial advice that may be available at a more traditional brokerage. Most online brokers are discount, if not deep discount, brokers.

Online Degrees and Home-schooling :- Online educational degrees from accredited institutions are becoming more and more accepted in the job market. More common online degrees awarded are in the specialized fields, such as paralegal training. There are also several PhD programs available online, as well as by correspondence. The growth in this area may be partially caused by the success of the home-schooling experiment, which has enjoyed significant good results. Home-school students score relatively well in SAT and ACT testing.

Online Trading :- Online trading is simply a term that describes the buying and selling of securities and investment products by computer over the internet rather than transacted at a more traditional brokerage office. Online trading will occur through online brokers who generally do not offer many of the research tools or financial advice that may be available at a more traditional brokerage. Since most online brokers are discount, if not deep discount brokers, online trading is cheaper and is ever expanding, especially among sophisticated and self-informed investors.

Opening Statement :- Comments of an attorney addressed to a jury or judge at the beginning of a trial, meant to acquaint the jury with the case and the evidence that the party expects to prove.

Opinion Testimony :- Evidence that is based not on direct contact with an event, but based on belief. There are many situations where opinion testimony may come into evidence, but on ultimate issues, opinions will not suffice. Expert witnesses are different in that they base all of their testimony on opinion. Most courts will allow such expert evidence so long as a foundation is laid that the expert is qualified by education, training, or experience, and that the subject matter of the expert opinion is reliable, and that the expert opinion testimony will be helpful to the jury in understanding the factual issues to be decided.

Order :- A court directive to a party. A ruling on a motion. A judgment.