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Simple English definitions for legal terms
Set
Read a random definition: abandonment of contest
A quick definition of Set:
A set is when you schedule something to happen at a certain time. For example, you might set a date for a party or set a time for a meeting. In some cases, like with a bill of exchange, a set refers to multiple parts that make up one whole thing.
A more thorough explanation:
Definition: Set, when used as a verb, means to schedule or arrange.
For example, you can set a meeting with your boss for next week or set a reminder on your phone to call your friend on their birthday.
In the context of a bill of exchange, a set refers to a bill that is drawn in several parts. These parts, when combined, form one bill. For instance, a foreign bill of exchange may be drawn in three parts, and each part is called a set. When all three sets are presented together, they form one complete bill.
For instance, if a company in the United States wants to pay a supplier in Japan, they may use a bill of exchange. The supplier in Japan would receive the bill in three parts, and they would need to present all three sets to their bank to receive payment.