What is the meaning of Refund? Concept, Definition of Refund

Refund ‒ compendium of definitions, concepts and meanings

Definition of refund

A person buys a new TV screen flat, according to which explains the seller, it will allow you to tune up to 120 different channels. When the buyer arrives at his home, however, he warns that the device will only tune 80 channels. Outraged by the lie, the subject returns to the shop with the TV and asks for the money back. In this way, to recover what was spent, get a refund.
This concept, therefore, implies the fact to obtain what was delivered (i.e., paid). Disbursements usually materialize when a person is not satisfied with a purchase, although it can also be a prize or some sort of promotion.
It is possible for a bank to offer refunds to customers who realized their purchases with credit card. The entity, thus, offers a refund of 10% of the total expenditure CardBuy card users who made their purchases the days Tuesday or Thursday.
Another possibility of refund occurs when a company sends its products by mail. Manufacturer of footwear Shozatos reaches an agreement with the footwear WorldShoes shop to send thirty boxes of their new boots for the postal service, payable in installments. The Convention indicates that Shozatos will pay, in principle, of the shipping cost, although footwear WorldShoes shall refund that money to pay the first installment.
The contract of guarantee, finally, contemplates the action for reimbursement. This procedure takes place when the person who owes a debt decides to pay for it but not alerted him to the guarantor, so this can get to pay for their own party. In this circumstance, the debtor can ask a reimbursement to the creditor action to return the money to the surety with costs, interest and the corresponding damages.

Refund concept

It is recognized as a reimbursement to the economical operation by means of which a person or entity receives back any amount of money or material goods that had given as payment for a service or product. The refund usually occur as a result of accidental, erroneous situations or bad making a purchase in which service or product not have failed to be insured in the manner in which the purchaser sought him.
The refund is a specific situation that occurs when a person or entity pays for the acquisition of a service or product to the one who gives it. A poor resolution of that purchase, be it both volunteer as involuntarily, the buyer can require a refund, which means that the operation is cancelled and at the same time, not to receive the purchaser that product or service is requested, returns him money or material that has been used to pay for the same. Reimbursement is considered a right of the buyer or customer since it is estimated that if the service can not be completed, it must be accessible to be returned the silver or invested assets.
Reimbursement is also based on the idea that the commercial relationship between the parties existed at some point. Thus, denying reimbursement would be to deny the Exchange ever established between the buyer and the seller. Only in cases in which reimbursement clears previously can be annulled if the buyer accepted as a rule of the operation who lost their right to claim it. When we talk about sellers represented by large companies or institutions not usually present problems with reimbursement since the amount of money requested does not affect the finances of the company itself. However, in some cases, when we speak of operations between institutions smaller, small and medium-sized enterprises or directly between individuals reimbursement be replaced with an impersonation of the product with a similar one.
You can add adem {ACE that the concept of "cash on delivery" is one that assumes that a commodity or service is paid when performing the delivery or installation of the same, which means that it is can not defer payment over that time.}

Meaning of reimbursement

Refund action is a personal action emanating from the contract of guarantee: If the debtor pays without giving notice to the guarantor, it is possible to it, ignoring the payment, pay again. In this case the debtor has the right the action for recovery against the creditor, to repay the guarantor who has paid (capital) plus interest (currents that accrued from the payment), expenses and eventually harms the contract has zero the guarantor, although bail has been ignored by the debtor.
The basis for this action comes from Roman law specifically in the mandate itself when the bond has been established with consent of the debtor and the informal agency when the guarantor has obliged with ignorance of the debtor.
The guarantor who pays part of debt, can only repeat against the debtor by what was paid, even though that payment has been motivated by a transaction or partial remission agreed with the creditor.
"This is why the action of reimbursement is a cancellation action and it cannot ever be gain."
If the surety pays more than it should, you can only repeat against the debtor in the debt, since in excess the debtor has no responsibility. This without prejudice to stay safe action in rem verso of the guarantor against the creditor.

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