earnest
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earnest
adjective assiduous, bent upon, concentrating, conscientious, determined, devoted, diligent, eager, enixus, enthusiastic, fervent, firm, grave, gravis, impassioned, intent, intentus, purposeful, resolute, serious, set upon, sincere, sober, solemn, staid, strong-willed, thoughtful, zealousSee also: bail, binder, close, devoted, eager, fervent, honest, industrious, intense, loyal, painstaking, pertinacious, pledge, resolute, security, serious, solemn, true, urgent, vehement, willing, zealous
earnest
in Anglo-American law a part-payment made to seal a bargain. At times the implication has been of a token sum that is forfeitable. The Roman law tradition has a very developed equivalent: ARRA. See also DEPOSIT.EARNEST, contracts. The payment of a part of the price of goods sold, or the
delivery of part of such goods, for the purpose of binding the contract.
2. The effect of earnest is to bind the goods sold, and upon their
being paid for without default, the buyer is entitled to them. But
notwithstanding the earnest, the money must be paid upon taking away the
goods, because no other time for payment is appointed; earnest only binds
the bargain, and gives the buyer a right to demand, but a demand without
payment of the money is void; after earnest given the vendor cannot sell the
goods to another, without a default in the vendee, and therefore if the
latter does not come and pay, and take the goods, the vendor ought to go and
request him, and then if he does not come, pay for the goods and take them
away in convenient time, the agreement is dissolved, and he is at liberty to
sell them to any other person. 1 Salk. 113: 2 Bl. Com. 447; 2 Kent, Com.
389; Ayl. Pand. 450; 3 Campb. R. 426.