SETOFF

Set-off

In law, a set-off is a statutory defense to the whole or to a portion of a plaintiff's claim. It had no existence under the English common law, being created by 2 Geo. II c. 22 for the relief of insolvent debtors, although set-off was recognized in equity. Such a defense could be pleaded only in respect of mutual debts of a definite character, and did not apply to cases in which damages were claimed, nor to equitable claims or demands. By the rules of the Supreme Court a defendant in an action may set off or set up any right or claim by way of counterclaim against the claims of a plaintiff, and such set-off or counterclaim has the same effect as a statement of ...

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set off

Verb

  1. To leave; to begin a journey or trip.
    He set off in search of better opportunities.
  2. To begin; to cause; to initiate.
    I had no idea that one simple comment would set off such a huge argument.
  3. To cause to explode.
    What a tragedy, that someone would set off a bomb in a crowded place.
  4. To make angry.
    Don't set him off or he won't shut up all day.
  5. To offset, to compensate for: to reduce the effect of, by having a contrary effect.
    My taxes did not increase because the amount of my raise was set off by my losses in the stock market.


The above text is a snippet from Wiktionary: set off
and as such is available under the Creative Commons Attribution/Share-Alike License.

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