Legal terms starting with O

The legal rule that contract meaning is based on what a reasonable person would understand, not secret thoughts.

A legal duty that a party must perform under a contract or law.

A proposal to enter into a binding agreement on specific terms.

A preliminary invitation to negotiate, not a binding offer to enter into a contract.

The person who receives an offer and has the power to accept or reject it.

The person who makes an offer to enter into a contract.

The legal right to carry a firearm openly and visibly in public.

A contract giving one party the right to buy, sell, or do something at a set price within a time frame.

A binding agreement giving one party the right to buy, sell, or perform within a set time.

A binding agreement made by spoken words only, with no written documentation.

Compensation at an increased rate for hours worked beyond the standard workweek, typically 1.5 times the regular wage.