the first day of a quarter (= a period of three months) on which payments must be made, for example at the stock exchange Culturequarter daysIn Britain, since the Middle Ages quarter days have marked the beginning of each new quarter (= period of three months) of the year. (There are no quarter days in the US.) Rent and interest payments are often made on quarter days, and many contracts, especially concerning property, begin or end then. In former times quarter days were often celebrated with big fairs. Agricultural workers and servants who wanted to change their jobs went to the fair to try to find a new employer.The names of quarter days are taken from the calendar of the medieval Church. In England and Wales the quarter days are: 25 March (Lady Day, marking the feast of the Annunciation of the Blessed Virgin Mary), 24 June (Midsummer Day or St John the Baptist's Day), 29 September (Michaelmas Day or St Michael and All Angels' Day) and 25 December (Christmas Day).In Scotland quarter days are known as term days. They formerly followed the Christian calendar and were: 2 February (Candlemas), 15 May (Whit), 1 August (Lammas Day) and 11 November (Martinmas). Since 1991 the dates have been changed, although the traditional names have been kept. The dates are now 28 February, 28 May, 28 August and 28 November.