(For deposits and part payment clauses see Form 53.1 [1951] onwards.)

53.1 Nature of ‘deposits’

In consumer transactions, everyone is familiar with the practice of ‘putting down a deposit’. Deposits are often used to reserve items that are purchased at a later date, or in circumstances where a supplier must incur costs before he can supply goods or services (for example, a tailor who orders cloth to make a suit). If the customer fails subsequently to buy the item, the trader keeps the deposit. The term is also used for the sum paid by a tenant to

To continue reading
View the latest version of this document, as well as thousands of others like it, sign in to LexisLibrary or register for a free trial