Business Law GLOSSARY

Glossary of Business Law Terms

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Occupational Disease: An illness resulting from long term employment in a particular type of work, such as those employees exposed to asbestos, who later develop cancer.

Occupational Safety & Health Administration (OSHA): The federal agency charged with creating and enforcing workplace health and safety standards.

Officer: The managers of a corporation such as the President, CFO, and Secretary. The officers are appointed by the board of directors.

Offshore Corporation: A corporation chartered under the laws of a country other than the United States. Some countries (particularly in the Caribbean) are popular nations of incorporation since they have little corporate regulation or taxes.

Opinion: An explanation written by the judge explaining his decision.

Ordinance: A law passed by a local or municipal government.

Ordinary Course of Business: Conduct of business within normal commercial customs and usages.

Original Jurisdiction: The first court to which a legal dispute is referred.

Outside Director: A independent member of the board of directors that is not a shareholder or regular employee of a corporation.

Overrule: In a trial, to overrule means to reject an objection.

Overtime Compensation: A higher rate of pay (usually 1.5 or 2 times the regular hourly rate) an employer is obligated to pay employees who work more than a certain number of hours in a day or week.