Term discount must be known to everyone so no need to explain.....
What is rebate??
Best example to understand rebate is think of Incentive given to sales persons based on their performace. Rebate is the sort of refund of payment to the customer in form of appreciation.
For e.g. Company declares customer who purchase 100,000 quantities will be rewarded with 10,000 INR so 10,000 INR will be rebate to the company which can be decided after one year only based on whether any customer has purchased the said quantity or not.