Crossword Genius

By that cheapest possible settee, cot collapses (4,5)

Ross

I believe the answer is:

ipso facto

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'by that' is the definition.
(I've seen this before)

'cheapest possible settee cot collapses' is the wordplay.
'cheapest possible' becomes 'ip' (I am not sure about this - if you are sure you should give a lot more credence to this answer).
'settee' becomes 'sofa' (I've seen this before).
'collapses' indicates anagramming the letters.
'cot' with letters rearranged gives 'cto'.
'ip'+'sofa'+'cto'='IPSO-FACTO'

Can you help me to learn more?

(Other definitions for ipso facto that I've seen before include "For that precise reason" , "Self-evidently; thereby" , "By that very deed" , "By that very act (Lat.)" , "by the very nature of the case)" .)

I've seen this clue in The Independent.
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