A common phrase used when you feel that someone or something has done an act that has earned your respect. In some cases, if you are so grateful for a certain committed act, you may reply with, "That's Respect," followed with a snap of your index finger to your thumb and middle finger,which are connected to one another;see Ali G. Also, after you have committed an act of respect to someone, after they say, "That's Repsect," reply simply with, "Respect."
Doug: "Could you get that for me?"
Adam: "Sure, no problem, here you go."
Doug: "That's Respect."
Richard: "I cut class and the teacher didn't even write me up. That's Respect."
James: "I just got my test back, and actually passed. That's Respect."