A 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.
"Down Payment." West's Encyclopedia of American Law. . Encyclopedia.com. (January 20, 2019). https://www.encyclopedia.com/law/encyclopedias-almanacs-transcripts-and-maps/down-payment
"Down Payment." West's Encyclopedia of American Law. . Retrieved January 20, 2019 from Encyclopedia.com: https://www.encyclopedia.com/law/encyclopedias-almanacs-transcripts-and-maps/down-payment
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down pay·ment • n. an initial payment made when something is bought on credit.
"down payment." The Oxford Pocket Dictionary of Current English. . Encyclopedia.com. (January 20, 2019). https://www.encyclopedia.com/humanities/dictionaries-thesauruses-pictures-and-press-releases/down-payment
"down payment." The Oxford Pocket Dictionary of Current English. . Retrieved January 20, 2019 from Encyclopedia.com: https://www.encyclopedia.com/humanities/dictionaries-thesauruses-pictures-and-press-releases/down-payment