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LSDefine
Simple English definitions for legal terms
sale on credit
Read a random definition: explanatory-phrase rule
A quick definition of sale on credit:
Sale on credit is when someone buys something but doesn't pay for it right away. They get the thing they bought, but they promise to pay for it later. It's like borrowing money to buy something.A more thorough explanation:
Definition: A sale where the buyer receives possession of the goods immediately but pays for them at a later date.
Example: John buys a laptop from a store for $1000 on credit. He takes the laptop home with him but will pay for it in installments over the next six months.
Explanation: In this example, John receives the laptop immediately but does not pay for it upfront. Instead, he will pay for it in installments over a period of six months. This is an example of a sale on credit.