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LSDefine
Simple English definitions for legal terms
payment
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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.