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credit legal definition
noun
Approval; deference; respect. See also full
faith and credit.
noun
Belief; faith; trust.
noun
The ability to borrow money, the
amount made available as a loan, or the ability to purchase goods and services
without immediate payment, based on the creditorÂ’s faith in oneÂ’s ability and
intention to repay the loan or to pay for the goods and services in the
future.
noun
A reduction in an amount owed or an addition to oneÂ’s
net worth or revenue.
verb
A form of security
offered to a seller that provides for payment by a bank or financial
institution upon certain conditions being met, including delivery of goods
within specified time and whatever other conditions are applicable to the
transaction. See also letter of
credit.
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