Layaway Practices Law and Legal Definition
Layaway Practices is a way to purchase an item without paying the entire cost immediately. The item cannot be taken immediately as it is applicable in most installment plans or hire purchases. The layaway customer does not receive the item until it is completely paid for.
Any retail seller which permits consumers to lay away consumer goods will provide to any consumer entering into a layaway agreement with the seller a written statement of the terms and conditions of the agreement, including the following information:
1.The amount of the deposit received.
2. The length of time the goods will be held on layaway which may be expressed as a period of time or as a date when final payment for the goods is due.
3. A specific description of the good
The following is an example of the state statute (California) which defines layaway:Cal Civ Code § 1749.1 defines layaway as an agreement by a retail seller with a consumer to retain specified consumer goods for sale to the consumer at a specified price, in earnest of which sale the consumer has deposited with the retail seller an agreed upon sum of money, and any other terms and conditions not contrary to law which are mutually agreed upon.
Legal Definition list
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