Pay Definition and Legal Meaning
On this page, you'll find the legal definition and meaning of Pay, written in plain English, along with examples of how it is used.
What is Pay?
1\. To give money for exchange of goods or services 2. A salary or wage of an employee or labour 3. To give money or services for the debts owed.
History and Meaning of Pay
The term "pay" has its roots in the Latin word "pacare," meaning to satisfy or to appease. Historically, pay was given in exchange for goods or services rendered, and could take the form of barter or other non-monetary exchanges. As economies developed and became more complex, the exchange of goods for money became the primary form of payment, leading to the modern meaning of the word.
Today, pay typically refers to a person's salary or wage, earned by providing labor or services to an employer. It can also refer to the payment of a debt, either through money or services rendered.
Examples of Pay
- After a week's work, John's employer agreed to pay him $500 in exchange for his services.
- The company offered a competitive pay package, including health insurance and other benefits.
- Sarah owed her landlord $1,000 in rent, but didn't have the money to pay it all at once, so agreed to pay $100 a week until the debt was satisfied.
- The accused was ordered to pay restitution to the victims of their crime.
- Union members demanded a pay increase to keep up with the rising cost of living.
Legal Terms Similar to Pay
- Compensation: Payment for services rendered or injuries sustained.
- Wages: A fixed amount paid for work done on a regular basis.
- Remuneration: Payment or compensation for services rendered or goods provided.