Top Definition
the idea that you can ask somebody to pay for you (for something like food or a drink) and tell them that you will pay them back, though you have no intention to pay them back at all
Pay back theory in action:

Mike: "Hey Jason, I don't have any money on me, so could you pay for me when we eat today? I'll pay you back... "

Jason: "Yeah i guess"

Mike: "Ok, Thanks!" (screw that, i'm not paying him a penny)
by hahahalolololecrouch October 08, 2009
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