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In law, set-off or netting is a legal technique applied between persons or businesses with mutual rights and liabilities, replacing gross positions with net positions. [1] [2] It permits the rights to be used to discharge the liabilities where cross claims exist between a plaintiff and a respondent, the result being that the gross claims of mutual debt produce a single net claim. [3]
Set-off may refer to: Set-off (architecture), horizontal line shown on a floorplan indicating a reduced wall thickness, and consequently the part of the thicker portion appears projecting before the thinner; Set-off (law), reduction of a claim by deducting the amount of a valid countervailing claim
Law is a set of rules that are created and are enforceable by social or governmental institutions to regulate behavior, [1] with its precise definition a matter of longstanding debate. [2] [3] [4] It has been variously described as a science [5] [6] and as the art of justice.
The effect of set-off, as per Article 8.5, is that: [5] The relevant obligations are discharged; If obligations differ in amount, set-off discharges the obligations up to the amount of the lesser obligation. Set-off takes effect as from the time of notice.
To investigate the left distributivity of set subtraction over unions or intersections, consider how the sets involved in (both of) De Morgan's laws are all related: () = = () always holds (the equalities on the left and right are De Morgan's laws) but equality is not guaranteed in general (that is, the containment might be strict).
The algebra of sets is the set-theoretic analogue of the algebra of numbers. Just as arithmetic addition and multiplication are associative and commutative, so are set union and intersection; just as the arithmetic relation "less than or equal" is reflexive, antisymmetric and transitive, so is the set relation of "subset".
Case law, also used interchangeably with common law, is a law that is based on precedents, that is the judicial decisions from previous cases, rather than law based on constitutions, statutes, or regulations. Case law uses the detailed facts of a legal case that have been resolved by courts or similar tribunals. These past decisions are called ...
Canon law (from Ancient Greek: κανών, kanon, a 'straight measuring rod, ruler') is a set of ordinances and regulations made by ecclesiastical authority (church leadership) for the government of a Christian organization or church and its members.