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Username: BobM Rating:  Asked to: Chaoxiang Lee Date Created: 21 Aug 2018 |
| Category | 28 |
| Tag | Financial |
| Question | Please give the definition of 'Rain Check'. |
|
Hello BobM, A rain check is a promise or commitment from a seller to a buyer that an item currently out of stock can be purchased at a later date for the current day's sale price. The term originated in baseball in the 1800s. Spectators who attended games that were postponed or canceled because of weather could receive a check to attend a future game. Rain checks are most commonly issued by retail stores. When advertising a sale, a retailer is required to honor the discounted price of a product even when supplies run out. Customers can request a rain check — usually a paper voucher — if they are unable to purchase the advertised item during the sale period. The rain check ensures customers have the option to return and buy the item at the discounted price when inventory is restocked. However, retailers do not have to issue rain checks if the advertisement clearly states that supplies are limited or only available at select locations. |
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