HopefullyInLawSchool
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LSDefine
Simple English definitions for legal terms
layaway
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A quick definition of layaway:
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!
A more thorough explanation:
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.
- A customer wants to buy a new TV but doesn't have enough money to pay for it all at once. They put the TV on layaway and make a deposit of $100. They agree to make monthly payments of $50 until the TV is paid off. Once they have paid the full price, they can take the TV home.
- Another customer wants to buy a dress for a special occasion but doesn't want to pay for it all at once. They put the dress on layaway and make a deposit of $50. They agree to make weekly payments of $25 until the dress is paid off. Once they have paid the full price, they can take the dress 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.