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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 ?
"We are now seeing the emergence of second-generation discounter stores," says Steve Gotham, the report's author.
And while we're not satisfied with our front-end sales growth, our overall front-end market share growth against grocers, discounters and other drug stores has rarely looked better."
Aldi Local is a subbrand to differentiate the discounter's smaller city stores from its full-sized ones.
To fight back against the hard discounters, French grocers realized they would have to improve their use of private-label products.
'It has seen some success in some developing regions of Latin America; however, it is struggling against discounters in the United Kingdom, and Spain, Peru, where traditional trade still dominates, and in South Korea where e-commerce is fast becoming the dominant channel.'
But McKevitt said: "Discounter momentum is starting to slow."
In contrast, the average transaction value increased 3% - or PS1 - for discounters, up to PS24 this year.
"Price matching may have the effect of highlighting to shoppers just how much cheaper the discounters are.
IGD chief executive Joanne Denney-Finch said: "Half of shoppers told us they used food discounters in the last month to buy some of their food and groceries, up from 37 per cent in 2011."
* 26 percent of shoppers plan to use food discounters more in the coming year
Store openings were at a record high: 286 in December (223 discounters, 50 cosmetics and 13 hypermarkets).
Meanwhile, discounters also increased their share in grocery retailing across European markets.