What is "to buy on credit"

Buy \Buy\ (b[imac]), v. t. [imp. & p. p. Bought (b[add]t); p. pr. & vb. n. Buying (b[imac]"[i^]ng).] [OE. buggen, buggen, bien, AS. bycgan, akin to OS. buggean, Goth. bugjan.]

1. To acquire the ownership of (property) by giving an accepted price or consideration therefor, or by agreeing to do so; to acquire by the payment of a price or value; to purchase; -- opposed to sell.

   Buy what thou hast no need of, and ere long thou wilt sell thy necessaries.
   --B. Franklin.

2. To acquire or procure by something given or done in exchange, literally or figuratively; to get, at a cost or sacrifice; to buy pleasure with pain.

   Buy the truth and sell it not; also wisdom, and instruction, and understanding.
   --Prov. xxiii. 2

3. To buy again. See Againbuy. [Obs.] --Chaucer. To buy off.

   1. To influence to compliance; to cause to bend or yield by some consideration; as, to buy off conscience.

   2. To detach by a consideration given; as, to buy off one from a party. To buy out

      1. To buy off, or detach from.
         --Shak.

      2. To purchase the share or shares of in a stock, fund, or partnership, by which the seller is separated from the company, and the purchaser takes his place; as, A buys out B.

   3. To purchase the entire stock in trade and the good will of a business.

      To buy in, to purchase stock in any fund or partnership.

      To buy on credit, to purchase, on a promise, in fact or in law, to make payment at a future day.

      To buy the refusal (of anything), to give a consideration for the right of purchasing, at a fixed price, at a future time.