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n. the payment of less than the full amount due on a promissory note or price for goods or services. Usually a discount is by agreement, and includes the common situation in which a holder of a long-term promissory note or material goods will sell it/them for less than face value in order to get cash now---the difference is the discount.

Copyright © 1981-2005 by Gerald N. Hill and Kathleen T. Hill. All Right reserved.

DISCOUNT, practice. A set off, or defalcation in an action. Vin. Ab. h.t. DISCOUNT, contracts. An allowance made upon prompt payment in the purchase of goods; it is also the interest allowed in advancing money upon bills of exchange, or other negotiable securities due at a future time And to discount, signifies the act of buying a bill of exchange, or promissory note for a less sum than that which upon its face, is payable.
     2. Among merchants, the term used when a bill of exchange is transferred, is, that the bill is sold, and not that it is discounted. See Poth. De l'Usure, n. 128 3 Pet. R. 40.

A Law Dictionary, Adapted to the Constitution and Laws of the United States. By John Bouvier. Published 1856.
References in periodicals archive ?
In selecting a discounter, boomers will evaluate alternative stores principally along these eight factors:
Leading German food discounter Norma is poised to enter the UK market and is targeting sites in the south.
Aside from the discounters, only Marks & Spencer (3.1%), Waitrose (2.7%) and The Co-operative (1.6%) saw higher sales than a year ago, and a rise in market share.
also found the discounters were gaining a larger share of wallets because an increasing number of shoppers were using them for their main grocery shop.
Good Housekeeping consumer director Caroline Bloor said: "The current battle between the traditional supermarkets and the discounters is pulling prices down - and will continue to do so.
Basically the discounters are interested in high consumption as well as convenience items.
Neither Aldi nor Schwarz has a presence in Russia, where locally-owned discounters have proliferated over the period from 2002 to 2007, and were among the biggest beneficiaries of the trend towards organised grocery retailing.
It 'highlights the challenge that this could cause local, independent retailers and highlights the size of the threat that discounters pose', according to the report.
London/Paris: Tesco's launch of its Jack's brand today is likely to be a response to growing competitive pressures from hard discounters Aldi and Lidl, Fitch Ratings says.
But McKevitt said: "Discounter momentum is starting to slow."
Sainsbury's are fighting back by - investing in Netto's return to the UK - four years after the Danish discounter sold up here.
The decline in Germany should create new challenges for Europe's two discounter giants Aldi and Schwarz (Lidl), as it remains their main battleground.