Legal Definition of 'Discount'

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DISCOUNT

A set off, or defalcation in an action.

Contracts. An allowance made upon prompt payment in the purchase of goods; it is also the interest allowed in advancing money upon bills of exchange, or other negotiable securities due at a future time And to discount, signifies the act of buying a bill of exchange or promissory note for a less sum than that which is payable upon its face.

Among merchants, the term used when a bill of exchange is transferred, is that the bill is sold, and not that it is discounted.

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From the 'Lectric Law Library's Lexicon
Discount

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DISCOUNT

Among merchants, the term used when a bill of exchange is transferred, is that the bill is sold, and not that it is discounted.

From the 'Lectric Law Library's Lexicon Discount

Search The Library's Lexicon

SOME MAIN ROOMS

PREMIUM ROOMS

MISC BUSHWAH

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DISCOUNT

Among merchants, the term used when a bill of exchange is transferred, is that the bill is sold, and not that it is discounted.

From the 'Lectric Law Library's Lexicon
Discount