quoting the documentation on MDC,
Logical OR (||)
expr1 || expr2
Returns expr1 if it can be converted to true; otherwise, returns expr2.
Thus, when used with Boolean values, || returns true if either operand is true;
if both are false, returns false.
Additionaly, there is a short-circuit evaluation :
As logical expressions are evaluated left to right, they are tested for possible "short-circuit" evaluation using the following rules
so if expr1 can be evaluated to true, expr2 is not evaluated.
jQuery uses a lot of those short-circuit evaluation to define default values for variables. eg.
var o = options || {};
will put the options in variable o ; but will make sure o is initialized to {} if options is undefined or null