jquery clear input default value

How can I clear the default value of an input form onfocus with jquery and clear it again when tha submit button is pressed?

<html>
        <form method="" action="">
            <input type="text" name="email" value="Email address" class="input" />
            <input type="submit" value="Sign Up" class="button" />
        </form>
</html>

<script>
$(document).ready(function() {
    //hide input text
    $(".input").click(function(){
        if ($('.input').attr('value') == ''){
            $('.input').attr('value') = 'Email address'; alert('1');}
        if  ($('.input').attr('value') == 'Email address'){
            $('.input').attr('value') = ''}
    });
});
</script>

You may use this..

<body>
    <form method="" action="">
        <input type="text" name="email" class="input" />
        <input type="submit" value="Sign Up" class="button" />
    </form>
</body>

<script>
    $(document).ready(function() {
        $(".input").val("Email Address");
        $(".input").on("focus", function() {
            $(".input").val("");
        });
        $(".button").on("click", function(event) {
            $(".input").val("");
        });
    });
</script>

Talking of your own code, the problem is that the attr api of jquery is set by

$('.input').attr('value','Email Adress');

and not as you have done:

$('.input').attr('value') = 'Email address';

$(document).ready(function() {
  //...
//clear on focus
$('.input').focus(function() {
    $('.input').val("");
});
   //clear when submitted
$('.button').click(function() {
    $('.input').val("");
});

});


$('.input').on('focus', function(){
    $(this).val('');
});

$('[type="submit"]').on('click', function(){
    $('.input').val('');
});

Unless you're really worried about older browsers, you could just use the new html5 placeholder attribute like so:

<input type="text" name="email" placeholder="Email address" class="input" />