Legal Dictionary of Pakistan

set of exchange. Commercial law

A single bill of lading drawn in a set of parts, each of which is valid only if the goods have not been delivered against any other part. ( Bills may be drawn in duplicate or triplicate, the first part being "first of exchange," the second part being "second of exchange," and so on. When one part has been paid, the other parts become void.Setoff n. 1. A defendant's counterdemand against the plaintiff, arising out of a transaction independent of the plaintiff's claim. 2. A debtor's right to reduce the amount of a debt by any sum the creditor owes the debtor; the counterbalancing sum owed by the creditor. -Also written set-off. - Also termed (in civil law) compensation; stoppage. -