principle of set off

Principle III.1 - Set-off | Trans-Lex.org

This follows from the fundamental principle of party autonomy (Principle IV.1.1). Contractual set-off can be effected in two different ways. Such an agreement may have the effect of directly extinguishing the claims to be set-off, whether such claims exist at the moment the set-off …


COMMON LAW SET‑OFF AND THE NATIONAL CREDIT ACT

Consumers accordingly have a considerable amount of control over the statutory process of set‑off under the NCA, which is a marked departure from the common law principles of set‑off which provides that where two parties are mutually indebted to one another and both debts are liquidated and fully due, the one debt may extinguish the other ...


Bankers Right to lien and set off - Legal Services India

"A legal set-off is where there are mutual debts between the plaintiff and defendant, or if either party sue or be sued as executor or administrator one debt may be set against the other "(S.13 Insolvent Debtors Relied Act 1728) From a commercial standpoint, a right of set-off is a form of security (right) for a lender.


The Right to Set-off – Rightly Set-Off?

Set-off, in terms of the common-law, allows for one debt to be cancelled by another debt in circumstances where two parties owe each other money. In practical terms the principle has the effect of automatically extinguishing a debt as if payment had been made, without the need to transfer whatever debt is owed. Advertisement.


101 Life Principles To Live By Daily - Personal Excellence

These principles are meant to be read and reflected on over time, as opposed to being a checklist that you tick off. As you read each point, think about the truth behind this principle, how it applies to your life, and the actions you should take in accordance to this principle.


Principles of economics - Baripedia

1 Ten principles of economics. 1.1 Principle 1: People face trade-offs. 1.2 Principle 2: The cost of something is what you give up to get it. 1.3 Principle 3: Rational People think at the Margin. 1.4 Principle 4: People Respond to Incentives. 1.5 Principle 5: Trade can make everyone better off.


The Basics: What is set off and when does the right to set ...

Where the right of set off arises, it can act as a defence to part or the whole of a claim. Example: when the right of set off arises, if B owes A £800,000, but A in fact owes B £200,000, B can ...


Set-Off Clause Definition

the proper limits of set-off The decision itself in Axel Johnson Petroleum A.B. v. M.G. Mineral Group A.G. [1992] 1 W.L.R. 270 (CA.) hardly warrants a report, since it is merely an application of settled principle. But two judges (Leggatt and Staughton L.JJ., Fox L.J. merely concurring) criticised the present law of set-off. It would have been ...


What is set off and when does the right arise? | Gowling WLG

Parties sometimes agree a contractual right of set off, for example, when they have an ongoing business relationship; alternatively, they may agree to exclude set-off rights. So, taking the example above, if B owes A £800,000 under a contract which excludes set off rights, B would have to pay to A the whole £800,000, even though A separately ...


Set-Off Clause Definition

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 ...


Contract Law: Basic Principles (formation, privity ...

alternatively set them up in diminution of the price by a set-off. The amount of damages is the amount which the work is worth less by reason of the defects and omissions, and is usually calculated by the cost of making good the defects.


IN THE HIGH COURT OF SOUTH AFRICA - SAFLII Home

In Wille, Principles of South African Law, 8th Edition 483, the requirements for set off are as follows: 'The four conditions for set-off to operate are that both debts must be (i) of the same value, (ii) Liquidated, (iii) fully due, and (iv) payable by and to the same persons in …


General principles of taxation - SlideShare

General Principles of Taxation Tax 111 – Income Taxation Ferdinand C. Importado CPA, MBA ... Set-off or compensation • Taxes are not subject to set-off or compensation. • A person cannot refuse to pay tax on the ground that the government owes him an amount equal to or greater than the tax being collected.


Offset - Wikipedia

Offset is a common technique in which the inked image is transferred (or "offset") from a plate to a rubber blanket and then to the surface. When used in combination with the lithographic process, which is based on the repulsion of oil and water, the offset technique employs a flat (planographic) image carrier.Ink rollers transfer ink to the image areas of the image ...


Cross-contract set-off - Fenwick Elliott

Equitable set-off can be used not only as a defence for the claim but also as grounds to withhold payment of a debt. Insolvency set-off - the final form of set-off is insolvency set-off which derives from the Insolvency Act 1986 and the Insolvency Rules 1986. This relates purely to mutual dealings of the parties where one party is insolvent.


Recent Developments in the Law of Set-off

Canadian law recognizes three types of set-off: contractual, legal or statutory, and equitable.21 A. Contractual Set-off Contractual set-off operates primarily on principles of contract. As Pal-mer states: Contractual set-off is, not surprisingly, more a matter of contract law than a separate application of set-off.


Principle of UV-Visible Spectroscopy - Detailed Explanation

The Principle of UV-Visible Spectroscopy is based on the absorption of ultraviolet light or visible light by chemical compounds, which results in the production of distinct spectra. Spectroscopy is based on the interaction between light and matter. When the matter absorbs the light, it undergoes excitation and de-excitation, resulting in the ...


Set-off legal definition of set-off

A set-off is not allowed in actions arising ex delicto, as, upon the case, trespass, replevin or detinue. Bull. N. P. 181. 6. The matters which may be set off, may be mutual liquidated debts or damages, but unliquidated damages cannot be set off. 1 Black. R. 394; 2 John. 150; 8 Conn. 325; 1 McCord, 7; 3 Wend. 400; 1 Stew.


When should the guarantor be permitted to rely on the ...

This issue is important because neither the principal loan contract nor the guarantee may adequately exclude the right of set-off. Clear and unequivocal words (or an obvious implication) are required to achieve this effect.1 Thus, clauses providing that amounts are to be paid "without any deduction"2 or "without discount"3 have been held to be insufficient to exclude the right of ...


The Five Fundamental Ethics Principles: Time for Evaluation?

principle, or whether it is inherent within the current principles. However, the Ethics Committee believes that, in today's world, ethical leadership needs both professional behaviour and moral courage. The fundamental ethics principles are the foundations of a professional accountant's career – professional accountants need to lead and must


Principles of Flight: Bernoulli's Principle

Principle activities, how Newton's first and third . laws of motion contribute to flight. Materials: ... some of which have a maximum take off weight of a million pounds or more, are able to ... you will need one set of the materials for every two students so that your students may work in pairs.


John Rawls (Stanford Encyclopedia of Philosophy)

John Rawls (b. 1921, d. 2002) was an American political philosopher in the liberal tradition. His theory of justice as fairness describes a society of free citizens holding equal basic rights and cooperating within an egalitarian economic system. His theory of political liberalism explores the legitimate use of political power in a democracy, and envisions how civic unity might endure despite ...


Rights And Duties Of Principal Towards Agent Rights Of ...

Liability for tort: If an agent commits a tort in the course of and within the scope of his agency, the principal may in certain cases be liable for the same. 1. Notice given to agent as notice to principal (Sec. 229) 2. Liability under the principle of estoppel 3. Liability when his name is not disclosed (Unnamed principal) 4.


"Set-off" Principles – Crawford de Carne Lawyers ...

28 Sep "Set-off" Principles. Posted at 13:39h in Business, Contract, Law by Crawford de Carne. The law around "set-off" principles in employment relationships is reasonably well settled. Courts have applied contractual law principles to focus upon what the parties agreed and the common law regarding the designation of payments by a debtor.


Fundamental Principles of Taxation Flashcards | Quizlet

Statement 1 - The point on which tax is originally imposed is impact of taxation. Statement 2 - Eminent domain is inferior to non-impairment clause of the constitution. Statement 3 - As a rule, taxes are subject to set-off or compensation.


Additional Payment Calculator: Extra Principal Payments on ...

For example, for a $160,000 loan with 7 percent interest for 30 years, the payment would be $1064.40. Of that, only $131.83 is principal, and $932.57 is interest. If the consumer pays an additional amount equal to the principal, an entire month of the duration of the loan is eliminated.


Set-off | Practical Law

Insolvency set-off. The rules of insolvency set-off are mandatory and may not be varied by contract. Where a creditor proves in a liquidation, administration or bankruptcy, an account must be taken of the mutual dealings between the creditor and either the company in liquidation or administration or the bankrupt.The sums due from one party must be set off against the sums due from the other ...


Principles and Practices of Modern Banking MCQ Questions ...

Principles and Practices of Modern Banking MCQ Questions and Answers Part – 3. 1. The primary relationship between a banker and customer starts from the time. A. when customer visits that bank. B. when customer opens account. C. when customer visits that bank to made queries. D.


Principal And Interest: Mortgage Payment Basics | Rocket ...

The principal is the amount of funding borrowed for your home loan, and the interest is the money paid monthly for use of the loan. Understanding both principal and interest can help you choose the best mortgage option for you. In this article, we'll share everything you need to know about principal and interest.