Legal tender or forced tender is an offered payment A payment is the transfer of wealth from one party to another. A payment is usually made in exchange for the provision of goods, services or both, or to fulfill a legal obligation that, by law Law is a system of rules, usually enforced through a set of institutions. Laws can shape or reflect politics, economics and society in numerous ways and serves as a primary social mediator of relations between people, cannot be refused in settlement of a debt Debt is that which is owed; usually referencing assets owed, but the term can also cover moral obligations and other interactions not requiring money. In the case of assets, debt is a means of using future purchasing power in the present before a summation has been earned. Some companies and corporations use debt as a part of their overall, and have the debt remain in force.[1] Currency In economics, the term currency can refer to a particular currency, for example Pound Sterling, or to the coins and banknotes of a particular currency, which comprise the physical aspects of a nation's money supply. The other part of a nation's money supply consists of money deposited in banks , ownership of which can be transferred by means of is the most common form of legal tender.
The origin of the word is from Middle English tendren, from Anglo-French tendre (verb form), meaning to offer. The Latin root is tenēre (to hold), and the sense of tender as an offer is related to the etymology of the English word extend (to hold outward). [2] The noun form of a tender as an offering is a back-formation of the noun from the verb.
Legal tender is variously defined in different jurisdictions Jurisdiction is the practical authority granted to a formally constituted legal body or to a political leader to deal with and make pronouncements on legal matters and, by implication, to administer justice within a defined area of responsibility. The term is also used to denote the geographical area or subject-matter to which such authority. Formally, it is anything which when offered in payment extinguishes the debt. Thus, personal cheques A cheque or check is a piece of paper (usually) that orders a payment of money. The person writing the cheque, the drawer, usually has a chequing account where their money is deposited. The drawer writes the various details including the money amount, date, and a payee on the cheque, and signs it, ordering their bank, know as the drawee, to pay, credit cards A credit card is a small plastic card issued to users as a system of payment. It allows its holder to buy goods and services based on the holder's promise to pay for these goods and services. The issuer of the card grants a line of credit to the consumer from which the user can borrow money for payment to a merchant or as a cash advance to the, debit cards A debit card is a plastic card that provides an alternative payment method to cash when making purchases. Functionally, it can be called an electronic cheque, as the funds are withdrawn directly from either the bank account, or from the remaining balance on the card. In some cases, the cards are designed exclusively for use on the Internet, and so and similar non-cash methods of payment are not usually legal tender. The law does not relieve the debt until payment is accepted. Coins Coins are usually metal or a metallic material and sometimes made of synthetic materials, usually in the shape of a disc, and most often issued by a government. Coins are used as a form of money in transactions of various kinds, from the everyday circulation coins to the storage of large numbers of bullion coins. In the present day, coins and and notes A banknote is a kind of negotiable instrument, a promissory note made by a bank payable to the bearer on demand, used as money, and in many jurisdictions is legal tender. Along with coins, banknotes make up the cash or bearer forms of all modern fiat money. With the exception of non-circulating high-value or precious metal commemorative issues, are usually defined as legal tender. Some jurisdictions may forbid or restrict payment made other than by legal tender. For example, such a law might outlaw the use of foreign coins and bank notes, or require a license The verb license or grant licence means to give permission. The noun licence refers to that permission as well as to the document memorializing that permission to perform financial transactions A financial transaction is an event or condition under the contract between a buyer and a seller to exchange an asset for payment. In accounting, it is recognized by an entry in the books of account. It involves a change in the status of the finances of two or more businesses or individuals in a foreign currency.
In some jurisdictions legal tender can be refused as payment if no debt exists prior to the time of payment (where the obligation to pay may arise at the same time as the offer of payment). For example vending machines A vending machine provides snacks, beverages, lottery tickets, and other products to consumers without a cashier. Items sold via these machines vary by country and region and transport staff do not have to accept the largest denomination of banknote. Shopkeepers can reject large banknotes — this is covered by the legal concept known as invitation to treat Invitation to treat is a contract law term. It comes from the Latin phrase invitatio ad offerendum and means an "inviting an offer". Or as Andy Burrows writes, an invitaton to treat is. However, restaurants A restaurant prepares and serves food, drink and dessert to customers. Meals are generally served and eaten on premises, but many restaurants also offer take-out and food delivery services. Restaurants vary greatly in appearance and offerings, including a wide variety of cuisines and service models that do not collect payment until after a meal is served would have to accept that legal tender for the debt incurred in purchasing the meal.
The right, in many jurisdictions, of a trader to refuse to do business with any person means a purchaser cannot demand to make a purchase, and so declaring a legal tender in law, as anything other than an offered payment for debts already incurred, would not be effective.
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Australia
In Australia For at least 40,000 years before European settlement in the late 18th century, Australia was inhabited by indigenous Australians, who belonged to one or more of the roughly 250 language groups. After sporadic visits by fishermen from the immediate north and discovery by Dutch explorers in 1606, Australia's eastern half was claimed by Britain in 177, the creation of legal tender, in the form of notes and base metal In chemistry, the term base metal is used informally to refer to a metal that oxidizes or corrodes relatively easily, and reacts variably with diluted hydrochloric acid to form hydrogen. Examples include iron, nickel, lead and zinc. Copper is considered a base metal as it oxidizes relatively easily, although it does not react with HCl. It is coins, is the exclusive right of the Commonwealth Government. According to the Commonwealth Of Australia Act - Sect 115,[3] which states: "A State shall not coin money, nor make anything but gold and silver coin a legal tender in payment of debts." Under this provision the Perth Mint The Perth Mint is Australia's oldest currently operating mint[citation needed], owned by the Western Australian Western Australia is a state of Australia, occupying the entire western third of the Australian continent. Australia's largest state and the second largest subnational entity in the world, it has 2.2 million inhabitants , 85% of whom live in the south-west corner of the state Government, still produces gold and silver coins with legal tender status, the Australian Gold Nugget The Australian Gold Nugget is a gold bullion coin minted by the Perth Mint. The coins have been minted in denominations of 1/20 oz, 1/10 oz, 1/4 oz, 1/2 oz, 1 oz, 2 oz, 10 oz, and 1 kg of 24 carat gold. They have legal tender status in Australia and are one of few legal tender bullion gold coins to change their design every year, another being the and Australian Silver Kookaburra The Silver Kookaburra is a silver bullion coin originating from Australia. The coins are .999 fine silver. They are produced in the following four sizes:. These, however, although having the of status of legal tender, are almost never circulated or used in payment of debts, and are mostly considered bullion coins A bullion coin is a coin struck from precious metal and kept as a store of value or an investment, rather than used in day-to-day commerce. Bullion coins are usually available in gold and silver, with the exception of the Krugerrand and the Swiss Vreneli which are only available in gold. The American Eagle series is available in gold, silver and.
Australian notes are legal tender, as established by the Reserve Bank Act 1959[4] for all amounts. Australian coins for general circulation, now produced at the Royal Australian Mint The Royal Australian Mint is situated in the Australian federal capital city of Canberra, in the suburb of Deakin in Canberra Canberra (pronounced /ˈkænbrə, ˈkænbɛrə/) is the capital city of Australia. With a population of over 345,000, it is Australia's largest inland city and the eighth-largest city overall. The city is located at the northern end of the Australian Capital Territory (ACT), 280 km (170 mi) south-west of Sydney, and 660 km (410 mi) north-east of, are also legal tender, under the provisions of the Currency Act 1965,[5] but only for the following amounts:
- not exceeding 20¢ if 1¢ and/or 2¢ coins are offered;
- not exceeding $5 if any of 5¢, 10¢, 20¢ and 50¢ coins are offered;
- not exceeding 10 times the face value if coins in the range 50¢ to $10 inclusive are offered;
- to any value if face value is greater than $10 are offered.
The one cent and two cent coins have been withdrawn from circulation since 1994, but they remain legal tender.
According to the Reserve Bank of Australia,[6] the legal framework[7] for legal tender in Australia For at least 40,000 years before European settlement in the late 18th century, Australia was inhabited by indigenous Australians, who belonged to one or more of the roughly 250 language groups. After sporadic visits by fishermen from the immediate north and discovery by Dutch explorers in 1606, Australia's eastern half was claimed by Britain in 177 is somewhat unclear. The Reserve Bank Act 1959[4] and Currency Act 1965[5] establish that it is not legally required to accept legal tender, even for an existing debt, although failure to do so may be prejudicial in future legal proceedings.
History
In 1901 notes in circulation in Australia For at least 40,000 years before European settlement in the late 18th century, Australia was inhabited by indigenous Australians, who belonged to one or more of the roughly 250 language groups. After sporadic visits by fishermen from the immediate north and discovery by Dutch explorers in 1606, Australia's eastern half was claimed by Britain in 177 consisted of bank notes payable in gold coin and issued by the trading banks, and Queensland Treasury notes. Bank notes circulated in all States except Queensland Coordinates: 23°0′S 143°0′E / 23°S 143°E Queensland is a state of Australia that occupies the north-eastern section of the mainland continent. It is bordered by the Northern Territory to the west, South Australia to the south-west and New South Wales to the south. To the east, Queensland is bordered by the Coral Sea and Pacific Ocean, but were not legal tender except for a brief period in 1893 in New South Wales New South Wales , Australia's most populous state, is located in the south-east of the country, north of Victoria, south of Queensland, east of South Australia and encompasses the whole of the Australian Capital Territory. It was founded in 1788 and originally comprised much of the Australian mainland, as well as Van Diemen's Land, Lord Howe. There were, however, some restrictions on their issue or other provisions for the protection of the public. Queensland Treasury notes were issued by the Queensland Government and were legal tender in that State. Notes of both categories continued in circulation until 1910, when the Australian Notes Act 1910 and Bank Notes Tax Act 1910 were passed by the Commonwealth Parliament. The Australian Notes Act 1910 prohibited the circulation of State notes as money and the Bank Notes Tax Act 1910 imposed a tax of ten per cent per annum on 'all bank notes issued or re-issued by any bank in the Commonwealth after the commencement of this Act, and not redeemed'. These Acts put an end to the issue of notes by the trading banks and the Queensland Treasury. The Reserve Bank Act 1959[4] expressly prohibits persons and states from issuing 'a bill or note for the payment of money payable to bearer on demand and intended for circulation'.
Canada
Canadian dollar The Canadian dollar is the currency of Canada. It is normally abbreviated with the Dollar/Peso sign $, or C$ to distinguish it from other dollar-denominated currencies. It is divided into 100 cents. As of 2007, the Canadian dollar was the 7th most traded currency in the world, behind the US dollar, the euro, the yen, the pound sterling, the Swiss banknotes issued by the Bank of Canada The Bank of Canada is Canada's central bank. It was created by the Bank of Canada Act of 1934, a law giving it a monopoly on the issuance of banknotes. How much money it creates influences the value of the Canadian dollar. Its stated purpose is to "promote the economic and financial well-being of Canada." are legal tender in Canada The land occupied by Canada was inhabited for millennia by various groups of Aboriginal peoples. Beginning in the late 15th century, British and French expeditions explored, and later settled, along the Atlantic coast. France ceded nearly all of its colonies in North America in 1763 after the Seven Years' War. In 1867, with the union of three. However, commercial transactions may legally be settled in any manner agreed by the parties involved with the transactions. For example, convenience stores may refuse $100 bank notes if they feel that would put them at risk of being counterfeit A counterfeit is an imitation, usually one that is made with the intent of fraudulently passing it off as genuine. Counterfeit products are often produced with the intent to take advantage of the established worth of the imitated product. The word counterfeit frequently describes both the forgeries of currency and documents, as well as the victims; however, official policy suggests that the retailers should evaluate the impact of that approach. In the case that no mutually acceptable form of payment can be found for the tender, the parties involved should seek legal advice.[8]
Eurozone
Euro The euro is the official currency of the eurozone: 16 of the 27 Member States of the European Union (EU). It is also the currency used by the EU institutions. The eurozone consists of Austria, Belgium, Cyprus, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia and Spain. Estonia is coins and banknotes became legal tender in most countries of the Eurozone The eurozone ( pronunciation ), officially the euro area, is an economic and monetary union (EMU) of 16 European Union (EU) member states which have adopted the euro currency as their sole legal tender. It currently consists of Austria, Belgium, Cyprus, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Malta, the Netherlands, Portugal, on January 1, 2002. Although one side of the coins is used for different national marks for each country, all coins and all banknotes are legal tender throughout the eurozone The eurozone ( pronunciation ), officially the euro area, is an economic and monetary union (EMU) of 16 European Union (EU) member states which have adopted the euro currency as their sole legal tender. It currently consists of Austria, Belgium, Cyprus, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Malta, the Netherlands, Portugal,. Therefore, it is possible to find Irish euro coins Irish euro coins all share the same design by Jarlath Hayes, that of the harp, a traditional symbol for Ireland since the Middle Ages, based on that of the Brian Boru harp, housed in Trinity College, Dublin. The same harp is used as the official seals of the Taoiseach, and government ministers and the Official Seal of the President of Ireland. The in Greece Greece (English: /ˈɡriːs/ ; Greek: Ελλάδα, Elláda, IPA: /eˈlaða/ ( listen); Ancient Greek: Ἑλλάς, Hellás, IPA: /helːás/), also known as Hellas and officially the Hellenic Republic (Ελληνική Δημοκρατία, Ellīnikī́ Dīmokratía, IPA: /eliniˈci ðimokraˈtia/), is a country in southeastern Europe, situated on and Finnish euro coins Finnish euro coins feature three separate designs. Heikki Häiväoja provided the design for the 1 cent – 50 cent coins, Pertti Mäkinen provided the design for the 1 euro coin, and Raimo Heino provided the design for the 2 euro coin, which shows cloudberry, the golden berry of northern Finland. All designs feature the 12 stars of the EU and the in Portugal Portugal /ˈpɔɹtʃʉɡəl/ (Portuguese: Portugal, Mirandese: Pertual), officially the Portuguese Republic (Portuguese: República Portuguesa; Mirandese: República Pertuesa), is a country located in southwestern Europe on the Iberian Peninsula. Portugal is the westernmost country of Europe and is bordered by the Atlantic Ocean to the west and, for instance. Although some eurozone countries do not put 1 cent and 2 cent coins into general circulation (prices in those countries are by general understanding always set in whole multiples of 5 cent), 1 cent and 2 cent coins from other eurozone countries remain legal tender in those countries.
European Regulation EC 974/98 limits the number of coins that can be offered for payment to fifty.[9] National laws may also impose restrictions as to maximal amounts that can be settled by coins or notes.
France
Historically, legal tender was enacted the first time in 1870 for all notes and coins of the Banque de France The Banque de France is the central bank of France; it is linked to the European Central Bank . Its main charge is to implement the interest rate policy of the European System of Central Banks (ESCB). It is headquartered in Paris. Anyone refusing such monies for their whole value would be prosecuted (French Penal Code art. R. 642-3).
Republic of Ireland
See also: Coinage of the Republic of Ireland The state now called Ireland decided in the mid-1920s to design its own coins and banknotes; at this stage it was decided that the Irish currency would be pegged to the Pound Sterling. The Coinage Act, 1926 was passed as a legislative basis for the minting of coins for the state and these new coins commenced circulation on December 12, 1928According to the Economic and Monetary Union Act, 1998 of the Republic of Ireland Ireland (pronounced /ˈaɪərlənd/ , locally [ˈaɾlənd], Irish: Éire, pronounced [ˈeːɾʲə] ( listen)), described as the Republic of Ireland (Irish: Poblacht na hÉireann), is a country in north-western Europe. The modern sovereign state occupies about five-sixths of the island of Ireland, which was partitioned into two jurisdictions in 1921 which replaced the legal tender provisions that had been re-enacted in Irish legislation from previous British enactments, No person, other than the Central Bank of Ireland The Central Bank and Financial Services Authority of Ireland is the financial services regulator of Ireland and historically the central bank. The bank was the issuer of Irish pound banknotes and coinage until the introduction of the euro currency, and now provides this service for the European Central Bank and such persons as may be designated by the Minister by order, shall be obliged to accept more than 50 coins denominated in euro or in cent in any single transaction.
Irish history
The Decimal Currency Act, 1970 governed legal tender prior to the adoption of the euro and laid down the analogous provisions as in United Kingdom legislation (all inherited from previous British law The United Kingdom has three legal systems. English law, which applies in England and Wales, and Northern Ireland law, which applies in Northern Ireland, are based on common-law principles. Scots law, which applies in Scotland, is a pluralistic system based on civil-law principles, with common law elements dating back to the High Middle Ages. The), namely: coins denominated above 10 pence became legal tender for payment not exceeding 10 pounds, coins denominated not more than 10 pence became legal tender for payment not exceeding 5 pounds, and bronze coins became legal tender for payment not exceeding 20 pence.
India
The Indian rupee The Indian rupee (sign: ; code: INR) is the official currency of India. The issuance of the currency is controlled by the Reserve Bank of India is the de-facto legal tender currency in India Home to the ancient Indus Valley Civilisation and a region of historic trade routes and vast empires, the Indian subcontinent was identified with its commercial and cultural wealth for much of its long history. Four major religions, Hinduism, Buddhism, Jainism and Sikhism originated here, while Zoroastrianism, Judaism, Christianity and Islam. The Indian rupee is also legal tender in Nepal Nepal (pronounced /nəˈpal/ nə-PAHL, /-pal/ -PAWL; Nepali: नेपाल [neˈpal] ), officially the Federal Democratic Republic of Nepal, is a landlocked country in South Asia. It is located in the Himalayas and bordered to the north by the People's Republic of China, and to the south, east, and west by the Republic of India. With an area of 1 and Bhutan Coordinates: 27°25′01″N 90°26′06″E / 27.417°N 90.435°E The Kingdom of Bhutan (Hindi: भूटान), is a landlocked country in South Asia, located at the eastern end of the Himalaya Mountains and bordered to the south, east and west by the Republic of India and to the north by the Tibet Autonomous Region . Bhutan is separated, although the Nepalese rupee The rupee (sign: ₨; code: NPR) is the official currency of Nepal. It is subdivided into 100 paisa. The issuance of the currency is controlled by the Nepal Rastra Bank. The most commonly used symbol for the Rupee is Rs or ₨ and Bhutanese ngultrum The ngultrum (Dzongkha: དངུལ་ཀྲམ) has been the currency of Bhutan since 1974. It is subdivided into 100 chhertum (called chetrums on coins until 1979) are not legal tender in India. The value of both the Nepalese rupee and Bhutanese ngultrum are pegged with the Indian rupee. [10]
In previous times, the Indian rupee was regarded as an official currency of other countries, including the Straits Settlements (now Singapore and parts of Malaysia), Kuwait, Bahrain, Qatar, and the Trucial States (now the UAE).
In 1837, the Indian rupee was made the sole official currency of the Straits Settlements, as it was administered as a part of India. In 1845, the British replaced the Indian rupee with the Straits dollar after administration of the Straits Settlements separated from India earlier in that same year.
After partition of India and Pakistan in 1947, the Pakistani Rupee came into existence, initially using Indian coins and Indian currency notes simply overstamped with the word "Pakistan". New coins and banknotes were issued in 1948.
The Gulf Rupee, also known as the Persian Gulf Rupee (XPGR), was introduced by the Government of India as a replacement for the Indian rupee for circulation exclusively outside the country with the Reserve Bank of India Amendment Act May 1, 1959. This creation of a separate currency was an attempt to reduce the strain put on India's foreign reserves by gold smuggling.
Two states, Kuwait and Bahrain eventually replaced the Gulf rupee with their own currencies (the Kuwaiti dinar and the Bahraini dinar) after gaining independence from Britain in 1961 and 1965, respectively.
On 6 June 1966, India devalued the rupee. To avoid following this devaluation, several of the states using the rupee adopted their own currencies. Qatar and most of the Trucial States adopted the Qatar and Dubai riyal, whilst Abu Dhabi adopted the Bahraini dinar. Only Oman continued to use the Gulf rupee until 1970, with the government backing the currency at its old peg to the pound. Oman later replaced the Gulf rupee with its own rial in 1970.
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Tue, 15 Jun 2010 09:55:46 GMT+00:00
TMCnet The tender offer is scheduled to commence within 6 business days and will expire after 20 business days unless the offer is extended. The tender offer is ... Intelligroup, Inc. board under investigation for accepting the ntt data offer PRLog.Org (press release) Japan's NTT Data To Buy Out ERP Firm Intelligroup For $199M VC Circle
WOODSY
Wed, 23 Jun 2010 18:54:00 GM
Funny how as a Sixties kid I never had any money but I had loads of those brill petrol station coins courtesy of my Dad, like Esso 1970 World Cup [my favourite World Cup with the best Brazilian team ever] and Shell Man in Flight. ...
Q. I mean, after all, I believe that the first legal tender we had was back in 1862. What do people say to justify it?
Asked by lama-assassinator3240 - Wed Mar 17 01:12:16 2010 - - 5 Answers - 0 Comments
A. Just as it states, it is a legal term meaning it is legally backed by the government. It is just a standard term used for any negotiable and usually legally backed by a government.
Answered by F. W. - Wed Mar 17 01:17:44 2010
