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LSDefine

Simple English definitions for legal terms

payment

Read a random definition: Lovely claim

A quick definition of payment:

Payment is when you give someone money or something valuable to pay for something you owe them. It can be a one-time payment or a series of payments made over time. A down payment is when you pay a portion of the purchase price in cash at the time of the sale agreement. A lump-sum payment is a large payment made all at once, while periodic payments are made over time. Payment can be direct, meaning it goes straight to the person you owe, or conditional, meaning it's only paid if certain conditions are met.

A more thorough explanation:

Definition: Payment refers to the delivery of money or some other valuable thing to fulfill an obligation, either partially or fully.

Examples:

  • Advance payment: A payment made in anticipation of a future liability or obligation. For example, a deposit made to secure a rental property.
  • Balloon payment: A final payment that is much larger than the preceding regular payments and discharges the principal balance of a loan. For instance, the final payment on a car loan.
  • Conditional payment: A payment made on the condition that something is done. For example, a contractor may receive payment only after completing a project to the satisfaction of the client.
  • Direct payment: A payment made directly to the payee without using an intermediary. For instance, a direct deposit of a paycheck into an employee's bank account.
  • Down payment: The portion of a purchase price paid in cash or its equivalent at the time the sale agreement is executed. For example, a down payment made on a house.
  • Installment payment: One of a series of periodic payments made under an installment plan. For instance, monthly payments on a car loan.
  • Lump-sum payment: A payment of a large amount all at once, as opposed to smaller payments over time. For example, a severance package paid to an employee upon termination.
  • Part payment: A buyer's delivery of money or other thing of value to the seller, and its acceptance by the seller, when the money or the value of the thing does not equal the full sum owed. For instance, a partial payment made on a credit card bill.
  • Periodic payment: One of a series of payments made over time instead of a one-time payment for the full amount. For example, monthly payments on a mortgage.

These examples illustrate how payment can take various forms and be used in different contexts, such as making a deposit, paying off a loan, or making regular payments on a debt. Payment is a crucial aspect of financial transactions and is necessary to fulfill obligations and maintain financial stability.

paying quantities | payment date

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WorthlessAttractiveZombie
14:28
What are the odds that berk releases later today?
babycat
14:28
@Dkk: And here I thought you were a prophet. Smh.
14:33
@WorthlessAttractiveZombie: 4
WorthlessAttractiveZombie
14:35
@EvolBunny: I will take the odds of 4, very promising
14:38
I'm too drunk to taste this chicken
Dkk
14:38
Lol, I suck I guess. @babycat
14:40
suck what? (:
Dkk
14:42
suck at predicting
14:43
boooooo
1a2b3c4d26z
14:45
hi guys
1a2b3c4d26z
14:45
how is everyone doing this fine friday
1a2b3c4d26z
14:46
Tonight im going to go for a run and lift some weights and then eat some dinner (probably a burrito) and then I'm going to watch a scary movie with my girlfriend (probably Longlegs). I'm so excited :)
1a2b3c4d26z
14:46
What is everyone else doing tonight
1a2b3c4d26z
14:47
Besides YM of course
14:47
Yoooo I’m a lifter too
14:47
I'm all good, I'm tipsy in Zanzibar finishing an app and laughing my ass off to this:
babycat
14:48
renard what are you drinking?
BulbasaurNoLikeCardio
14:50
Feeling like sad drinking tonight, wife accidentally tossed out my truck keys and those are expensive as fuck to replace. The crappiest part is that the key chain had the "remove before flight" tab from my first aircraft's rocket pods overseas from 6 years ago. Then find out people fucked around and back dated reports at work making me look like a shit bag so I am working later tonight and missing range time which is my weekly relax/me time. Add in my sleep meds stopped working, so I am thinking vodka (so I stay skinny and hot) and pizza by the fireplace kind of friday.
1a2b3c4d26z
14:51
Renard if you're not drinking margs Im gonna throw hands
14:51
Was at a restaurant and they decided to have me try something called "Double Kick" free of charge, it's like a sugar cane liquor with pineapple flavor
1a2b3c4d26z
14:51
missing range time :(
1a2b3c4d26z
14:52
That sounds good renard but unfortunately I'll still have to throw hands
Tonight I’m Having a date with this guy who asked me out couple times
BulbasaurNoLikeCardio
14:54
What made you give in and go out after he asked a couple times?
Other failed dates
babycat
14:55
That’ll do it
Question, how many of u would sleep on first date
babycat
14:57
honestly my answer is it depends
babycat
14:57
there has to be a very specific vibe to make me want to do that. not like a regular date
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