| law | earnest money | задаток (The civil law term "earnest money" derives from Roman law (Justinian Institutes III, 23) and the 1804 French Civil Code (article 1590). It resembles the common law concept of down payment. But, unlike down payment, earnest money is by definition forfeited on breach of contact. In fact, on breach by buyer, seller retains the earnest money, while in seller's breach, buyer is entitled to twice the value of the earnest money.) |
