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LSDefine

Simple English definitions for legal terms

down payment

Read a random definition: Rambo lawyer

A quick definition of down payment:

Down payment: When you want to buy something, sometimes you have to pay a little bit of money upfront. This is called a down payment. It shows that you are serious about buying the thing and it helps make sure that you will pay the rest of the money later. If you don't pay the rest of the money, you might lose the down payment.

A more thorough explanation:

A down payment is an initial payment made by a buyer to a seller when they agree to purchase something. This payment is usually a percentage of the total purchase price. The purpose of a down payment is to show the seller that the buyer is serious about the purchase and to provide some security for the seller.

For example, if someone wants to buy a car that costs $10,000, they might be required to make a down payment of $2,000. This down payment would be paid to the seller when they sign a contract agreeing to buy the car. The remaining $8,000 would be paid off over time, usually in monthly installments.

If the buyer fails to make their payments as agreed, the seller may be able to keep the down payment as compensation for their losses. On the other hand, if the seller fails to deliver the item as promised, they may be required to return the down payment to the buyer.

Overall, a down payment is an important part of many purchase agreements. It helps to protect both the buyer and the seller and ensures that everyone is committed to the transaction.

dower and curtesy | dowry

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windyMagician
18:16
pookie mentioned it when we were talking about mich and I just feel nauseous even thinking about it
windyMagician
18:16
it seems mind numbingly boring
18:16
BL is the epitome of wagie cage
soap
18:17
I mean, NYC big law in particular is pretty brutal. 2500 billable hours. That's not great.
18:17
you will live in the pod. you will eat the bugs. you will bill the hours.
18:17
As my art teacher said: different strokes for different folks- except for you- to the office now!
Dkk
18:18
@llama: As we should! @Windy put me in the big law cuck cage.
soap
18:18
Similar firms in places like Denver/KC/Minneapolis/Seattle/whatever the hell non-NYC city pay similarly for like 3/4 of the work
windyMagician
18:19
I want to be a public defender or do immigration removal defense
18:19
Except living in New York City is like really fun. Not when you’re billing every waking hour though I suppose
18:19
@windyMagician: keep us immigrants in!
18:19
@bunnynoise: cant have fun if tethered to wage cage
windyMagician
18:19
you cant even go to equinox if you need to bill 2500 hrs
18:20
There’s no better place to be young and stupid and hang out with weird people than New York City
Dkk
18:20
Gotta learn how to drink and work at the same time!
Dkk
18:20
@bunnynoise: I agree with that. That wa sme 18-21
windyMagician
18:20
big law is not for the sober girlies
soap
18:20
I do want to live in a big city, never have before
18:21
@Dkk: https://www.youtube.com/watch?v=G-6eynsaZ0U dude was getting deposed and actively poppin pills and drinking [presumably straight vodka from a subway cup] lmfao
windyMagician
18:21
I'm good in my backwards rural red state
soap
18:21
But Manhattan alone nearly has as many people as my whole state, lol
18:23
it is mind boggling how population dense cities like NYC, Tokyo, SF are when you think about it]
Dkk
18:24
@llama: God I love that at 14 minutes. Will watch the rest later. I should do this if they ever actually go forward with my deposition.
jackfrost11770
18:24
yeah that's why i really don't want to leave. you pay for the price of convenience lol
18:24
seems like wage it for 10-20 yrs then nope the fuck out into /inawoods is the move, imo
18:25
@Dkk: also AttorneyTom finds some good depos. Dave Portnoy killed it in his deposition.
18:26
Why are they deposing Dave Portnoy? He definitely deserves it but why?
Dkk
18:27
@llama: Sounds good!
18:27
@bunnynoise: basically made a shirt of a fired emplyee with herps/ as a clown and got lawsuited for defamation
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