Deposit: sale of goods

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Updated: Aug 20, 2021

An amount of money paid to a vendor as part of the purchase money and to secure the sale. The depositor is entitled then to buy the property if he pays the balance within a stated period. Normally, if the balance is not paid, he will lose the deposit, assuming good faith on both sides,

Reference: The Penguin Business Dictionary, 3rd edt.



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