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Simple English definitions for legal terms
earnest
Read a random definition: economic crime
A quick definition of earnest:
Term: EARNEST
Definition: Earnest is a small amount of money or a gesture that shows you are serious about buying something. It is like a promise or a sign of good faith that you will follow through with the purchase. It is not always required, but it can help both parties agree on the terms of the sale.
A more thorough explanation:
Definition: A small payment or action that shows a person's serious intention to buy or do something.
Example 1: When buying a house, a buyer may give the seller a small amount of money as an earnest to show that they are serious about buying the house.
Example 2: A job applicant may send an email to the employer expressing their interest in the job and their willingness to come in for an interview as an earnest of their desire to work for the company.
The examples illustrate the definition of earnest by showing how a small payment or action can demonstrate a person's serious intention to follow through on a larger commitment. In both examples, the earnest serves as a sign of good faith and a pledge to continue with the transaction or process.