Payment

The fulfillment of a promise, or the performance of an agreement. The discharge in money of a sum due. In its most general sense, the rendition by the person under an obligation (68 Cal. 41) to the person to whom the same is due, or one lawfully authorized to represent him (6 How. Pr. [N. Y.] 161), of the exact thing due (5 Cush. [Mass.] 76), with the assent of both parties that the same is rendered and received in satisfaction of such obligation, and not for another purpose (50 Mich. 112; 6 Heisk. [Tenn.] 131). In a more restricted sense, payment is the rendition of a sum of money due. As so used, payment in cash is implied, and the giving of a note or check is not payment.

26 Conn. 487; 70 Iowa, 406; 42 N. Y. 638.