Quick Answer: What Is The Right To Set Off?

Is set off one word?

If you want a verb, write it as two separate words: set off.

According to Black’s, offset (the noun) means “Something (such as an amount or claim) that balances or compensates for something else; SETOFF.”.

Are set in meaning?

From Longman Dictionary of Contemporary Englishset in phrasal verbSTART TO HAPPEN, EXIST ETCif something sets in, especially something unpleasant, it begins and seems likely to continue for a long time Winter seems to be setting in early this year.

What does right to set off mean?

A. Setoff is an equitable right of a creditor to deduct a debt it owes to the debtor from a claim it has against the debtor arising out of a separate transaction.

What does set off mean?

transitive to cause something to operate, especially by accident. Jeff pushed open the front door, which set off the alarm. Synonyms and related words. + To make something start to exist or happen.

What is another word for set off?

What is another word for set off?activatestartstart offoperatemake activegalvanizeUSmotivateenergizeUSkick-startfire up40 more rows

What does set off debt mean?

In other words, a set-off is the right of a debtor to balance mutual debts with a creditor. In bookkeeping terms, set-offs are also known as reconciliations. To determine a set-off, simply subtract the smaller debt from the larger.

What is set off in a contract?

Set off in construction contracts. Set off (sometimes called contra charging) is a legal process by which party A defends a claim brought by party B, by A setting off in extinction or diminution of B’s claim, claims which A alleges against B.

What is set off clause?

A set-off clause is a legal clause that gives a lender the authority to seize a debtor’s deposits when they default on a loan. A set-off clause can also refer to a settlement of mutual debt between a creditor and a debtor through offsetting transaction claims.

What is the phrasal verb of set off?

phrasal verb. If something sets off something such as an alarm or a bomb, it makes it start working so that, for example, the alarm rings or the bomb explodes. Any escape, once it’s detected, sets off the alarm. [ VERB PARTICLE noun] Someone set off a fire extinguisher. [