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credit definition - legal

n

Approval; deference; respect. See also full faith and credit.

n

Belief; faith; trust.

n

The ability to borrow money, the amount made available as a loan, or the ability to purchase goods and services without immediate payment, based on the creditorÂ’s faith in oneÂ’s ability and intention to repay the loan or to pay for the goods and services in the future.

n

A reduction in an amount owed or an addition to oneÂ’s net worth or revenue.

v

A form of security offered to a seller that provides for payment by a bank or financial institution upon certain conditions being met, including delivery of goods within specified time and whatever other conditions are applicable to the transaction. See also letter of credit.

Webster's New World Law Dictionary Copyright © 2006 by Wiley Publishing, Inc., Hoboken, New Jersey.
Used by arrangement with John Wiley & Sons, Inc.

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