Legal Tender and 'Irreversible Transactions'

[alphaboi867]

@DrDeth

…And not only do you have “pump and dash” you have honest but absent-minded dudes who have forgotten their wallet, or their spouse raided their wallet for that last $20, or they think that a $50 is OK, or they want to pay by a CC that isn’t accepted, or their CC or ATM card is declined, or…

You left out people coming inside to pay and cutting everyone else in line (& interupting the clerk dealing with another customer) to pay. :mad:

[Great_Dave]

@DrDeth

Driver8= "I don’t think there is any law preventing a business from accepting, or only accepting, foreign currency. "
Show me one that does accept foriegn currency ONLY.

There was a story on NPR a few months back about a botique in New York that only took Euros.

[DrDeth]

@Great_Dave

There was a story on NPR a few months back about a botique in New York that only took Euros.

“Your search - boutique New York Euros source:npr - did not match any documents.” Neither did - “store New York Euros source:npr” or several varients.

There is this story:

"Euros Accepted" signs pop up in New York City

where some NYC retailers are also accepting Euros.

and this:

New York Merchants Embrace Euro

*NEW YORK – “Euros Only” reads a handmade sign in Billy’s Antiques & Props on East Houston Street in Manhattan. But that’s really just an attention grabber. Actually, owner Billy Leroy explains, the store will accept Canadian dollars and British pounds, and U.S. dollars, too.

Leroy is one of a small but growing group of New York merchants in tourist-favored neighborhoods such as SoHo, the East Village and Times Square who have begun to accept the euro and other foreign currencies. …

U.S. currency is the only legal tender money in the United States, but parties can agree to satisfy a debt by other means. *

[Driver8]

@DrDeth

Driver8= "I don’t think there is any law preventing a business from accepting, or only accepting, foreign currency. "
Show me one that does accept foriegn currency ONLY.

I wasn’t saying that anyone actually did it, I was saying that I didn’t think it was illegal.

There are lots of reasons why it would be a silly idea to do this that are not related to the law.

[whorfin]

@Driver8

I wasn’t saying that anyone actually did it, I was saying that I didn’t think it was illegal.

There are lots of reasons why it would be a silly idea to do this that are not related to the law.

IANAL, but I can’t imagine how it’s illegal to negotiate a deal, and to refuse to sell unless you agree on the terms–including how you get paid. The seller doesn’t have to do business at all, so why should he have to only do business in dollars? If he wants to only deal in euros, or pesos, or cattle, that’s his right-though it might limit the number of people who do business with him.

As I understand legal tender, the seller has to be careful to get paid first if he wants to demand a specific form of payment–if he gives the buyer the purchase, doesn’t get paid, and takes the buyer to court, he can only get dollars.

[Driver8]

@whorfin

IANAL, but I can’t imagine how it’s illegal to negotiate a deal, and to refuse to sell unless you agree on the terms–including how you get paid. The seller doesn’t have to do business at all, so why should he have to only do business in dollars? If he wants to only deal in euros, or pesos, or cattle, that’s his right-though it might limit the number of people who do business with him.

As I understand legal tender, the seller has to be careful to get paid first if he wants to demand a specific form of payment–if he gives the buyer the purchase, doesn’t get paid, and takes the buyer to court, he can only get dollars.

I agree with this, I don’t think there is any legal restriction on only accepting foreign currency, or anything else for that matter (although I bet you can complicate your tax returns really quickly).