The Commonwealth and UK spelling of 'rain check' — a phrase meaning a promise to take up an offer at a later date when current circumstances prevent it. Originally from American baseball, where a rain check was a stub entitling the holder to attend a rescheduled game. The figurative use spread widely and 'take a rain cheque' is standard informal British idiom for politely deferring an invitation.
I can't make dinner tonight — can I take a rain cheque and join you next week?
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(Commonwealth, UK, Ireland, ) rain check.
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