Simple English definitions for legal terms
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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.
Definition: Payment refers to the delivery of money or some other valuable thing to fulfill an obligation, either partially or fully.
Examples:
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.