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Keywords: set-off; claim; counterclaim; cross demand; cross-demand; demand;
debt; assignment; successor; interest; damages; liquidated; unliquidated;
breach; notice; insolvency; abatement; contract; specific performance;
equity; limitation period; creditor; Holt v. Telford; procedure

A right of set-off arises when one person attempts to enforce payment of a debt owed to him by another and that other person seeks to have taken into account any money he or she is owed by the first person. This project examines the law of set-off-which largely consists of a mixture of legal and equitable principles of considerable age-and makes recommendations to reform it with revised rights of counterclaim.