It extracts relation phrases and arguments (entities) from text, and Open IE does not rely on specific relation types and thus can handle all kinds of relational facts.

Hamilton College

Most RE systems work within pre-specified relation sets designed by human experts. However, our world undergoes open-ended growth of relations
and it is not possible to handle all these emerging relation types only by humans. Thus, we need RE systems that do not rely on pre-defined relation schemas and can work in open scenarios.

Orienting More Open Domains: Methods

Han, X. (n.d.). More Data, More Relations, More Context and More Openness:
A Review and Outlook for Relation Extraction *, Retrieved June 4, 2022, from https://arxiv.org/pdf/2004.03186.pdf

More Relations, More Context and More Openness:
A Review and Outlook for Relation Extraction

Open information extraction (Open IE)

It aims at discovering unseen relation types from unsupervised data.

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