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Layaway
(redirected from layaways)

   Also found in: Dictionary/thesaurus, Wikipedia 0.01 sec.

An agreement between a retail seller and a consumer that provides that the seller will retain designated consumer goods for sale to the consumer at a specified price on a future date, if the consumer deposits with the seller an agreed upon sum of money.



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``When times are tougher, and the economy is not as good, you'd expect to see layaways increase as people look for alternative ways to finance their purchases,'' Goldenberg said.
Wal-Mart found that out in mid-August when, in announcing its second-quarter earnings, it said it planned to revise its accounting practices for consumer layaways.
As a final point, for those companies that have recognized gift certificates and layaways as income, a tax deduction should be available when escheat payments are made to a particular state.
 
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