E

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. A nominal payment or token act. 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 ...