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LSDefine

Simple English definitions for legal terms

advance

Read a random definition: law of nature and nations

A quick definition of advance:

An advance is when someone gives money or goods before they get something in return. Usually, the person who gets the advance has to pay it back later or do something to make up for it. There are two main reasons why someone might ask for an advance: to make sure they get what they paid for, or to make sure they get paid for what they're giving. For example, if you want to buy something but don't have enough money, you might ask for an advance. Or, if you're selling something and want to make sure the buyer will pay you, you might ask for an advance. Advances can also be used to pay for things ahead of time, like a phone plan or insurance.

A more thorough explanation:

An advance is a type of loan or payment where money or goods are given before receiving something in return. The person receiving the advance is expected to repay it later or adjust the basis of the transaction. There are two types of advance payments:

  • As security for the delivery of goods or services
  • As an early payment of a bill or debt

For example, when you rent an apartment, you may be required to pay a security deposit in advance. This is to cover any damages you may cause to the apartment during your stay. Another example is when you buy a prepaid cell phone plan. You pay in advance for a certain amount of minutes or data to use on your phone.

Advance payments are also used to protect sellers from buyers who may not pay for goods or services. For instance, a seller may ask for an advance payment to cover the cost of producing a product. This way, if the buyer doesn't pay, the seller won't lose money. Companies may also be required to make advance payments for large orders to provide sufficient consideration for the producer.

When an advance payment is accepted before a due date, the debt or bill that is due is adjusted by the payment to reflect a lower balance. For example, if you owe $100 on a bill and you make an advance payment of $50, the amount you owe is reduced to $50.

adultery | advance directive

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MIAMI A
[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
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