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Down Payment
DOWN PAYMENTA percentage of the total purchase price of an item that is proffered when the item is bought on credit. In an installment sales agreement, a buyer is required to pay part of the total price, usually in cash, and later pays the balance through a number of regularly scheduled payments. A down payment is sometimes known as earnest money, or a sum of money that a buyer pays upon entering a contract to indicate a good faith intention as well as an ability to pay the balance. |
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"Down Payment." West's Encyclopedia of American Law. 2005. Encyclopedia.com. 30 May. 2012 <http://www.encyclopedia.com>. "Down Payment." West's Encyclopedia of American Law. 2005. Encyclopedia.com. (May 30, 2012). http://www.encyclopedia.com/doc/1G2-3437701510.html "Down Payment." West's Encyclopedia of American Law. 2005. Retrieved May 30, 2012 from Encyclopedia.com: http://www.encyclopedia.com/doc/1G2-3437701510.html |
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down payment
down pay·ment • n. an initial payment made when something is bought on credit. |
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Cite this article
"down payment." The Oxford Pocket Dictionary of Current English. 2009. Encyclopedia.com. 30 May. 2012 <http://www.encyclopedia.com>. "down payment." The Oxford Pocket Dictionary of Current English. 2009. Encyclopedia.com. (May 30, 2012). http://www.encyclopedia.com/doc/1O999-downpayment.html "down payment." The Oxford Pocket Dictionary of Current English. 2009. Retrieved May 30, 2012 from Encyclopedia.com: http://www.encyclopedia.com/doc/1O999-downpayment.html |
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