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LSDefine
Simple English definitions for legal terms
credit slip
Read a random definition: lex Frisionum
A quick definition of credit slip:
Credit Slip: A piece of paper that a store gives you when you return something you bought. You can use it to buy something else in the store or get your money back.
A more thorough explanation:
Definition: A credit slip is a document that a store customer can use to either purchase another item or receive cash or credit for merchandise that they have returned to the store.
Example: If a customer purchases a shirt from a store but later decides to return it, the store may issue a credit slip to the customer. The credit slip can then be used to purchase another item in the store or receive a refund for the returned merchandise.
Another example: A customer may receive a credit slip if they have a store credit or gift card that they want to use towards a purchase. The credit slip would allow them to use the store credit or gift card towards their purchase.
These examples illustrate how a credit slip can be used in different situations to either purchase another item or receive cash or credit for returned merchandise or store credit/gift cards.