A payment plan in which a buyer reserves an article of merchandise by placing a deposit with the retailer until the balance is paid in full: bought a suit on layaway.
An article reserved under such a plan.
American Heritage(R) Dictionary of the English Language, Fifth Edition. Copyright (c) 2011 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company. All rights reserved.