Latin for Lawyers

L ATIN FOR L AWYERS

OCCUPY [L. occupare ] To take possession of, usually to the exclusion of others. In international law, the act of one country in entering upon and taking control of the territory of another. OCCURRENCE [L. occurro, occurere / to run to meet; to fall upon or attack] Any event or happening. An incident which happens without plan, purpose or anticipation. An accident. In insurance law, an unexpected or unintended event which gives rise to a claim by the insured. OECONOMICUS [from the Greek] Relating to domestic economy. Orderly, methodical, careful with money. Also, the executor of a will. OFFENSE [L. offendere / to strike, hit against; to shock, displease] A breach of public standards or of a moral code. A crime or other violation of law. An offense can be a felony or a misdemeanor, or a lesser infraction which carries a fine or penalty. The remedy for some offenses lies in a civil action by the victim to recover a penalty from the wrongdoer. Any wrongful act requiring punishment or compensation. OFFER [L. offero , offere / to bring to, present, offer] A proposal, tender, presentation or statement which anticipates an acceptance by the party to whom it is made. A manifestation of intent to bargain under proposed terms with another party in order to achieve an agreement or con tract. The price stated by the seller of an object in commerce to an interested buyer; also, the terms expressed by a buyer interested in purchasing an object or item. To tender, propose, proffer. OFFERING [L. offere / to carry to, present, offer] A kind of offer in which a stock or other security is sold and issued to the general public. In a primary offering , also called a new issue, the proceeds from the sale go to the company issuing the stock and are used as capital by the issuer. In a secondary offering , the proceeds go to individual stockholders who want to reduce their holdings in the company. OFFER OF COMPROMISE An offer to settle or resolve a dispute without recourse to litigation. The offer does not concede liability and is not admissible at trial as evidence of liabil ity. Under the Internal Revenue Code, an Offer In Compromise is a formal offer to pay less than the full amount of a tax liability in settlement of the entire obligation. The offer requires the submission by the taxpayer of a plan for payment and of financial schedules.

265