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Simple English definitions for legal terms

time-price doctrine

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A quick definition of time-price doctrine:

The time-price doctrine is a rule that says if you buy something and agree to pay for it later, the seller can charge you more than if you paid for it right away. This extra amount is to make up for the risk that you might not pay them back and for the interest they could have earned if you paid right away. This rule doesn't apply to people who really need to borrow money and might be taken advantage of by lenders.

A more thorough explanation:

The time-price doctrine is a rule that applies to debts that arise from a purchase and sale. It states that if a higher price is charged for a deferred payment than for an immediate payment, the usury laws do not apply. This means that the seller can charge more for a product if the buyer chooses to pay for it over time instead of all at once.

For example, let's say you want to buy a new TV that costs $1,000. The seller offers you two options: pay $1,000 upfront or pay $1,200 over the course of a year. If you choose to pay over time, the extra $200 is considered compensation to the seller for the risk that you might default on your payments and for the interest they could have earned if you had paid upfront.

The time-price doctrine is important because it recognizes that buyers who choose to pay over time are not in the same position as borrowers who are forced to take out loans from potentially predatory lenders. Buyers have the option to save up and pay the cash price, while borrowers may not have that luxury.

time-price differential | time-sharing

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got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
WorthlessAttractiveZombie
7:44
My berkeley paragraph finally disappeared. I definitely think it is just an indicator that they are actively reviewing files, and does not mean anything about A, WL, or Rs
WorthlessAttractiveZombie
7:46
Also has anyone's date disappeared for W&L? Mine did last night
7:55
@WorthlessAttractiveZombie: mine did yesterday morning
7:56
Oops sorry I meant Vilanova. Mine disappeared last week
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