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
Ordinance: A law passed by a local or municipal
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
Overrule: In a trial, to overrule means to reject an
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