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Legal tender is a form of money that courts of law are required to recognize as satisfactory payment in court for any monetary debt. [1] Each jurisdiction determines what is legal tender, but essentially it is anything which, when offered ("tendered") in payment of a debt, extinguishes the debt. There is no obligation on the creditor to accept ...
The Legal Tender Cases were two 1871 United States Supreme Court cases that affirmed the constitutionality of paper money. The two cases were Knox v. Lee and Parker v. Davis. The U.S. federal government had issued paper money known as United States Notes during the American Civil War, pursuant to the terms of the Legal Tender Act of 1862.
A substitute check (also called an Image Replacement Document or IRD) [1] is a negotiable instrument that is a digital reproduction of an original paper check.As a negotiable payment instrument in the United States, a substitute check maintains the status of a "legal check" in lieu of the original paper check.
Right of first refusal (ROFR or RFR) is a contractual right that gives its holder the option to enter a business transaction with the owner of something, according to specified terms, before the owner is entitled to enter into that transaction with a third party. A first refusal right must have at least three parties: the owner, the third party ...
By the First Legal Tender Act, Congress limited the Treasury's emission of United States Notes to $150,000,000; however, by 1863, the Second Legal Tender Act, [9] enacted July 11, 1862, a Joint Resolution of Congress, [10] and the Third Legal Tender Act, [11] enacted March 3, 1863, had expanded the limit to $450,000,000, the option to exchange ...
Juilliard v. Greenman, 110 U.S. 421 (1884), was a Supreme Court of the United States case in which issuance of greenbacks as legal tender in peacetime was challenged. The Legal Tender Acts of 1862 and 1863 were upheld. Augustus D. Juilliard sold and delivered 100 bales of cotton to Thomas S. Greenman [1] for $5,122.90. Greenman tendered $5,100 ...
Legal Tender, [48] a 1996 telerobotic art installment by Ken Goldberg, Eric Paulos, Judith Donath, and Mark Pauline, was an experiment to see if the law could instill a sense of physical risk in online interactions. After participants were advised that 18 U.S.C. § 333 threatened them with up to six months in jail, they were given the option of ...
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