offset :: legal definition
Offset - 1) n. also called a "setoff," the deduction by a debtor from a claim or demand of a debt or obligation. Such an offset is based upon a counterclaim against the party making the original claim. Example: Harry Hardhead makes a claim or files a lawsuit asking for $20,000 from Danny Debtor as the final payment in purchase of a restaurant; as part of his defense Debtor claims an offset of $10,000 for alleged funds owed by Hardhead for repairs Debtor made on property owned by Hardhead, thus reducing the claim of Hardhead to $10,000. 2) v. to counterclaim an alleged debt owed by a claimant to reduce the demand of that claimant.
See also: counterclaim defense setoff and Related Law Terms ↓
Related Law Terms
account stated :: n. a statement between a creditor or the person to ... ending on the state. See also: debtaffirmative defense :: n. part of an answer to a charge or complaint in w ... lp the defendant. See also: defense
bankruptcy :: n. a federal system of statutes and courts which p ... y proceedings trustee in bankruptcy
bankruptcy proceedings :: n. the bankruptcy procedure is: a) filing a petiti ... ankruptcy court claim in bankruptcy
claim :: 1) v. to make a demand for money, for property, or ... the government, it is lawsuit time.
clean hands doctrine :: n. a rule of law that a person coming to court wit ... ices. See also: affirmative defense
common counts :: n. claims for debt alleged in a lawsuit (included ... so: cause of action complaint count
counterclaim :: n. a retaliatory claim by a defendant against a pl ... d. See also: answer cross-complaint
creditor's claim :: n. a claim required to be filed in writing, in a p ... e also: claim in bankruptcy probate
demand :: 1) v. to claim as a need, requirement or entitleme ... pay is made. See also: demand note
due :: n. and adj. owed as of a specific date. A popular ... ecessarily mean that a debt is due.
guarantee :: 1) v. to pledge or agree to be responsible for ano ... as some defect. See also: guarantor
incapacity :: adj. 1) not being able to perform any gainful empl ... of the will. See also: incompetent
information and belief :: n. a phrase often used in legal pleadings (complai ... nswer complaint declaration perjury
joint :: adj., adv. referring to property, rights or obliga ... ncy joint venture tenancy in common
joint and several :: adj. referring to a debt or a judgment for neglige ... ution contributory negligence joint
joint liability :: n. when two or more persons are both responsible f ... See also: joinder joint and several
judicial foreclosure :: n. a judgment by a court in favor of foreclosure o ... deed of trust foreclosure mortgage
laches :: n. the legal doctrine that a legal right or claim ... , breach of contract, fraud, etc.).
liability :: n. one of the most significant words in the field ... bility joint tortfeasors negligence
libel :: 1) n. to publish in print (including pictures), wr ... libel per se public figure slander
lien :: n. any official claim or charge against property o ... ord's lien mechanic's lien mortgage
negligence :: n. failure to exercise the care toward others whic ... gence per se res ipsa loquitur tort
payable on demand :: adj. a debt on a promissory note or bill of exchan ... e (party to whom the debt is owed).
setoff :: (offset) n. a claim by a defendant in a lawsuit th ... ee also: affirmative defense offset
statute of limitations :: n. a law which sets the maximum period which one c ... ies. See also: demurrer laches toll
temporary insanity :: n. in a criminal prosecution, a defense by the acc ... diminished capacity insanity intent
toll :: v. 1) to delay, suspend or hold off the effect of ... bridge or take passage on a ferry.
Popular Law Searches
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contract of sufferance :: n. a "hold-over" tenancy after a lease has expired ... y tenancy at will unlawful detainer
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forthwith definition legal :: adv. a term found in contracts, court orders and s ... mediacy, with no excuses for delay.
what is to wit in a legal contract :: prep. that is to say. Example: "the passengers in ... tty Bumgartner and Sherry Younger."
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clean hands doctrine latin :: n. a rule of law that a person coming to court wit ... ices. See also: affirmative defense
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Other Law Terms - O
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oath :: n. 1) a swearing to tell the truth, the whole trut ... ountry. See also: affidavit perjury
obiter dicta :: : (oh-bitter dick-tah) n. remarks of a judge which ... imply dicta. See also: dicta dictum
object :: 1) v. to ask the court not to allow a particular q ... he contract..." See also: objection
objection :: n. a lawyer's protest about the legal propriety of ... ng question object overrule sustain
obligation :: n. a legal duty to pay or do something. ... legal duty to pay or do something.
obligee :: (ah-bluh-jee) n. the person or entity to whom an o ... ne to be paid on a promissory note.
obligor :: (ah-bluh-gore) n. the person or entity who owes an ... who must pay on a promissory note.
obscene :: adj., adv. a highly subjective reference to materi ... en I see it." See also: pornography
obstruction of justice :: n. an attempt to interfere with the administration ... n arrest. Such activity is a crime.
occupancy :: n. 1) living in or using premises, as a tenant or ... ining ownership. See also: occupant
occupant :: n. 1) someone living in a residence or using premi ... gain ownership. See also: occupancy
occupation :: n. 1) fairly permanent trade, profession, employme ... of real property or use of a thing.
occupational disease :: n. an illness resulting from long-term employment ... tion for a work-related disability.
occupational hazard :: n. a danger or risk inherent in certain employment ... e of death or injury while at work.
occupy the field :: v. to preempt (monopolize) an area of statutory la ... ertain topics. See also: preemption
of counsel :: adj. reference to an attorney who is not actively ... quiring his/her full-time presence.
off calendar :: adj. refers to an order of the court to take a law ... of either party. See also: calendar
offender :: n. an accused defendant in a criminal case or one ... crime. See also: accused defendant