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Legally Enforceable Right
A right that is recognized by law and can be upheld in a court.
Set Off
Set off is a legal mechanism allowing parties to mutually cancel out monetary claims against each other by offsetting debts, thereby simplifying payment processes.
Financial Asset
An asset that derives value because of a contractual claim, such as cash, stocks, bonds, and bank deposits.
Financial Liability
An obligation to deliver cash or another financial asset to another entity, or to exchange financial instruments under potentially unfavorable conditions.
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