Usage. In 1970 the word ripoff was two words and was considered inner city slang. Forty years later it's one word (usually hyphenated) and has a formal meaning: rip-off - A bad deal; an unfair price...
The Slang word... 'Word' comes from the shortening of 'My Word Is My Bond' or 'Word Is Bond' meaning you are serious, or yes it's true. You can use it in various ways but two of the most common...