Enquoted text can mean (in my book): 1. You are quoting verbatim some source; or 2. You are using an expression tongue-in-cheek or with implied sarcasm, hostility or a questioning stance (i.e. John and Pat are "good friends"; Mr Smith is in his "private compartment"; I appreciate your "delightful" conversation)
Will Johnson
p.s. Sometimes I have use "*" for this purpose and I've seen other's do it as well. It's much easier than trying to underline or bold some phrase.
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