Wiktionary
vb. 1 (context transitive chiefly US English) (of an employer) To dismiss (workers) from employment, e.g. at a time of low business volume, often with a http://en.wikipedi
org/wiki/Severance%20package. 2 (context transitive English) (of a bookmaker) To place all or part of a bet with another bookmaker in order to reduce risk. 3 (context transitive idiomatic English) To cease, quit, stop (doing something). 4 (context transitive and intransitive idiomatic English) To stop bothering, tease, or pestering someone; to leave (someone) alone.
WordNet
Usage examples of "lay off".
The schooner which had brought the witnesses from Port Arthur lay off the shore, and the yellow flag at her mast fluttered gently in the cool evening breeze.
We made Leifmold and I almost believed the gods had decided to lay off me for a while.
The Borg vessel lay off to the port side engaged with six starships at once.
After the close of the American war he was heard of as sailor on a merchantman in the African trade, having a kind of reputation for feats of strength and climbing, but finally disappearing one night as his ship lay off the Congo coast.
Can I take her into the spare room to lay off her hat when she comes?