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What is tender of payment?
Tender of payment refers to the act of offering or presenting a payment to fulfill a financial obligation, such as a debt or a contract. It involves providing the appropriate amount and form of payment, typically in cash or negotiable instruments, to the creditor. If the tender is refused or not accepted, it may have legal implications regarding the debtor's obligations. Proper tender of payment can also prevent default and may be necessary to discharge a debt.
What is meant by the term Australian legal tender?
From "The Reserve Bank of Australia" website has this;http://www.rba.gov.au/CurrencyNotes/LegalFramework/legal_tender.htmlLEGAL TENDER The Concise Oxford Dictionary defines legal tender as "currency that cannot legally be refused in payment of debt (usually up to a limited amount for baser coins, etc.)". It is the Bank's understanding that, although Australian currency has legal tender status, it does not necessarily have to be used in transactions. Under the legal tender provisions of the Currency Act 1965 and the Reserve Bank Act 1959, refusal to accept payment in legal tender notes and coins is not unlawful. This is the case even where an existing debt is involved. However, a refusal to accept legal tender in payment of an existing debt, where no other means of payment/settlement has been specified in advance, conceivably could have consequences in legal proceedings, i.e. the creditor may be unable to enforce payment in any other form. It appears that the provider of goods or services is at liberty to set the commercial terms upon which payment will take place before the "contract" is entered into. For example, some toll collection points indicate by signs that they will not accept low denomination coins. If a provider of goods or services specifies other means of payment prior to the contract, then there is usually no obligation for legal tender to be accepted as payment.
What is an acceptilation?
An acceptilation is a state of gratuitous discharge, a release from debt or obligation without payment.
What terms describes any kind of money a creditor must accept by law in payment of a monetary debt?
Legal Tender
What is limited legal tender money?
Legal Tender is a forced tender payment that should be not refused in settlement of a debt. http://en.wikipedia.org/wiki/Legal_tender
Is it legal to refuse cash as payment in America?
Depends. If the cash payment is the payment of debt, then the payment cannot be refused, as long as the money is still legal tender. Cents stop being legal tender after a certain amount, which is why you cannot try to pay a debt using 10,000 cents for example, this can be legally refused. If it's payment in a shop, a shop has the right to refuse service to anyone as long as it is not for a racial, age, gender related reason. They do not 'have' to accept any offer of payment, nor are they disallowed from accepting payment in other forms.
What is the legal requirement for businesses to accept payment with pennies according to the paying with pennies law?
The legal requirement for businesses to accept payment with pennies is that they must accept up to 100 pennies for any transaction. This is in accordance with the "Legal Tender for Payment of Debt Act" which states that all U.S. coins and currency are legal tender for payment of debts.
What does a debt negotiation company do?
Debt negotiation companies work with creditors and the debtor to achieve partial payment in order to discharge a debt. For example if a person owes $10,000 on their credit card, the negotiation company will approach the credit card company and propose that a one time payment of $4,000 will discharge the debt, rather than having a default on the entire amount. Such companies will usually do such work for a flat fee or for a percent of the debt discharged (e.g. 5% of the $6,000 they saved the debtor).
Money that a creditor must by law accept in payment for debts is called?
Money that a creditor must by law accept in payment for debts is called "legal tender." Legal tender refers to currency or coins that, by statute, must be accepted if offered in payment of a debt. In most countries, this typically includes the national currency, such as the US dollar in the United States. Creditors cannot refuse legal tender for payment of debts, though they may have other agreements in place regarding acceptable forms of payment.
What kind of money a creditor must accept by law in payment of a monetary debt?
A creditor is supposed to accept all legal tender in payment of a debt. There are numerous stories around of people who have, for one sort of frustration or another, paid large debts with small change, such as pennies or dimes.
Is a cheque legal tender?
A cheque is not considered legal tender; rather, it is a payment instrument that instructs a bank to transfer money from the payer's account to the payee. Legal tender refers to money that must be accepted if offered in payment of a debt, such as coins and banknotes issued by a government. While cheques are widely accepted for transactions, they do not have the same status as legal tender. Acceptance of a cheque is typically subject to the agreement of the parties involved.
What describes any kind of money a creditor must accept by law in payment of a monetary debt?
Legal Tender
