FindLaw Legal Dictionary
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1 : a temporary insurance contract that provides coverage until the policy is issued
2 : a receipt for money paid to the owner of real estate or to the owner's agent to secure the right to purchase the real estate upon agreed terms
: the money itself
Source: Merriam-Webster's Dictionary of Law ©1996. Merriam-Webster, Incorporated. Published under license with Merriam-Webster, Incorporated.