Simple English definitions for legal terms
Read a random definition: universal life insurance
Term: LAYAWAY
Definition: Layaway is when you want to buy something from a store, but you can't pay for it all at once. So, you make an agreement with the store to hold the item for you until you can pay for it in full. You give the store some money upfront, and then you make payments over time until you've paid for the item completely. Once you've paid for it, you can take it home with you!
Definition: Layaway is an agreement between a store and a customer where the store holds onto an item for the customer until they have paid for it in full. The customer makes a deposit on the item and agrees to pay the remaining balance over time. Once the full price is paid, the customer can take the item home.
These examples illustrate how layaway works. The customer is able to reserve an item they want to buy without having to pay for it all at once. They make a deposit and agree to pay the remaining balance over time. Once the full price is paid, they can take the item home.