In the United States, the recognized legal tender consists of Federal Reserve notes and coins. Creditors are required to accept it as an offer of payment to settle a debt; However, unless prohibited by state law, private companies may refuse to accept some or all forms of cash offers unless a transaction has already taken place and the customer has not been at fault. The definition of an offer in U.S. law, as defined by lexicographer Arthur Leff in his legal dictionary, is as follows: n. an offer to purchase at a certain price. This includes bids at an auction where people compete by increasing the bid until there are no more bids, or contractors offering to build a project or sell goods or services at a certain price, usually the lowest bidder winning the contract. See: Treaty) An offer from an intended buyer to pay a certain price for a property for sale at auction. U. S. v. Vestal (D. C.) 12 Fed.
59; Payne v. Cave, 3 mandates, 149; Eppes v. Railroad Co., 35 Ala. 56. Properties sold at auction are “bidded” by the owner or a holder or any other person interested if they participate in the sale and make the winning bid. Offer available. It is said that you “bid” something when he bids on it at auction, and it is immediately bid on him one after the other and as a result. Eppes v. Railroad Co., 35 Ala.
56; Doudna v. Harlan, 45 Kan. 484, 25 Pac. 883. Bidder. Someone who offers to pay a certain price for an item offered for sale at public auction. Webster v. French, 11,111. 254.
Commandments. Offers of a specific price for goods or other assets offered for auction. By bidding. The Venezuelan Petro is centrally controlled by the Venezuelan government based on its own assessment of the value of its natural resources. It has been claimed that the Petro is backed by Venezuela`s natural gas, mineral and oil reserves. However, Venezuela`s experience with the Petro has not progressed much, and the Petro, despite its status as legal tender, does not generally circulate in the form of currency. Legal tender also allows monetary policy. From the issuer`s perspective, legal tender allows the issuer to manipulate, devalue and devalue the currency to obtain seigniorage and facilitates the issuance of escrow media by the banking system to meet trading needs. In the absence of legal tender laws, Gresham`s law would make monetary policy, seigniorage, currency manipulation, and fiat media spending much more difficult, as good money in this case tends to drive out bad money.
The most general and now almost archaic meaning is “ask,” “ask,” or “say,” as in the last line of Hamlet: “Go, let the soldiers shoot.” The most specific and legally relevant modern meaning is to indicate the conditions, in particular the price, for the conclusion of a transaction, especially in auctions of one type or another and in tendering situations. See also entries beginning with or containing “offer” and related words, such as bid and asked; Commandments; Responsible bidder. The popularity of cross-border and online shopping is increasing the demand for more forms of money, such as popular cryptocurrency alternatives such as Bitcoin, which are recognized as legal tender. However, given the official objections to such alternatives, except in a few minor cases, they may still be a few years away and are not legal tender in the United States or most other countries. There are many online services that accept cryptocurrencies, and this practice is completely legal. Due to their status as unofficial competitors with legal tender, cryptocurrencies are mainly limited to use in gray and black market activities or as speculative investments. By default and intentionally, legal tender laws prevent the widespread introduction of anything other than existing legal tender into the economy. A cheque or credit scan is not legal tender; It acts as a substitute for money and is only a means by which the checkholder can eventually obtain legal tender for the debt. Cryptocurrencies are generally not accepted as currency, mainly because they are not legal tender. In May 2013, Arizona`s governor vetoed a bill that would have made gold and silver coins legal in the state, in addition to existing U.S.
coins. In the context of English law, A Dictionary of Law offers the following legal concept of Bid: The small Republic of the Marshall Islands (RMI) has also announced that it will introduce a new cryptocurrency, the sovereign, as legal tender. The state will be tied to an existing, decentralized peer-to-peer cryptocurrency market. Currently, the U.S. dollar acts as currency and legal tender in the RMI and will continue to do so alongside the new legal tender when the government begins issuing states. In general, legal tender can take two basic forms. A government can simply ratify a market-based commodity money like gold as legal tender and agree to accept the payment of taxes and execute contracts denominated in that commodity. Alternatively, a government may declare a counterfeit commodity or a worthless token as legal tender, which then adopts the characteristics of a fiat currency. Legal tender is anything that is recognized by law as a means of paying a public or private debt or fulfilling a financial obligation, including tax payments, contracts, and fines or damages. The national currency is legal tender in virtually all countries. A creditor is required by law to accept legal tender to repay a debt.
Legal tender is determined by a law that determines the thing to be used as legal tender and the institution authorized to produce and deliver it to the public, such as the United States Department of the Treasury in the United States and the Royal Canadian Mint in Canada. Legal tender serves several purposes. By default, it is used by market participants to perform the functions of money in the economy: an indirect medium of exchange, a unit of account, a store of value, and a deferred payment standard. Proponents of legal tender laws argue that markets generally do not produce the optimal type, quality, and quantity of money, and that legal tender increases the usefulness of money as a means of reducing transaction costs. In particular, legal tender can allow flexibility in the money supply, and a single currency can eliminate the transaction costs associated with using multiple competing currencies. The introduction of legal tender is a means of achieving a single currency. Some currencies, such as the US dollar and the euro, are used as legal tender in countries that do not issue their own currency or have found the stable dollar preferable to their own currency. For example, Ecuador introduced the U.S. dollar as legal tender in 2000 after Ecuador`s currency, sugar, rapidly devalued, so that $1 was worth $25,000. The adoption of the U.S. dollar as the primary legal tender is colloquially referred to as “dollarization,” although this practice is commonly referred to as currency substitution.
[Last updated June 2021 by Wex Definitions Team]. BID, contracts. An auction is an offer to pay a specific price for an item to be auctioned. The bidder has the right to withdraw his bid at any time before the knockdown, which usually manifests itself in the turn of the hammer. 3 R. T. 148; 181 representatives from Hardin; Sugd. Sell. 29; Babington on Auct. 30, 42; or the offer may be tacitly withdrawn. 6 Penn Street, 486 Street; 8, id.408. See 0@ffer. Usman W. Chohan. “Cryptocurrencies as Asset-Backed Instruments: The Venezuelan Petro,” page 2, 5. Retrieved November 8, 2020. Some common uses of the term “offer” in connection with contracts are: partly from Middle English bidden, Old English biddan; similar to Old High German bitten to ask, and perhaps with Sanskrit bÄdhate he presses; partly from Middle English to offer, to order, from Old English bÄodan; Similar to the Old High German Biotan, to the Greek pynthanesthai to study, to the enlightenment of Sanskrit bodhi. Other definitions of bid: (1) A bid, usually in competition with others, for example at an auction. A builder can apply for construction rights (especially for a government contract).