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Simple English definitions for legal terms
denumeration
Read a random definition: ca. resp
A quick definition of denumeration:
Term: DENUMERATION
Definition: Denumeration is when you pay for something right away. It's like when you buy a candy bar at the store and give the cashier the money right then and there.
A more thorough explanation:
Definition: Denumeration refers to the act of making a present payment.
Example: When you go to a store and pay for your purchase with cash, you are engaging in denumeration. You are making a present payment for the goods or services you received.
Explanation: Denumeration is a term used in finance and accounting to describe the act of paying for something in the present moment. It is often used in contrast to other payment methods, such as credit or installment payments, which involve paying for something over time. The example provided illustrates how denumeration works in a real-life scenario, where a customer pays for a purchase with cash at a store.