Guy attempts to pay for everything in pennies. (AKA: Viral marketing for Officemax) http://www.youtube.com/user/pennypranks Some of the videos has a very interesting comment: true or false??
According to the business law class I took in high school many moons ago, if you offer (I think the legal term is proffer) payment and it is refused, you are discharged of the debt and you have paid. In that HS class, the teacher used the example of two people going to a small town movie theatre right when it opens for the night and giving a $100 bill to pay for two tickets. Of course, the cinema doesn't have change (this was back in the 70's!!) and they have to let you in. Nowadays, I think there is the "letter" and the "intent" of the law. So technically, each case would be considered individually. Was the payment offered "usual" and acceptable under the circumstances, etc. etc. etc.
Courts used to rule that the coins were an acceptable tender, but lately they have ruled that such creates a nuisance. Unlike in Britain, there is no legal statute on the limits of legal tender amounts, in Britain the lowest is 20p in one penny coins.
GUESS WHAT! "legal tender for all debts public and private" means legally that any may refuse it whomsoever desire. In other words, it is absolutely meaningless. Businesses may require any form of payment they desire - or refuse the same. And the courts have ruled that it is all legal. This has been discussed several times previously. Do a search and you can find more elaboration
Not really. The key here is debt. Debt is a very specific legal term and is used to identify when a product or service had been received with contractual promise to tender payment at a later date. Thus, we have the term legal tender. You cannot tender what is not owed. In the movie theater example, the theater had offered, but not yet performed any service or legal transfer of goods. Thus there is no legal contract to tender payment. Since there is no contract, the theater does not have the legal responsibility to perform. Even if you go to the grocery store. You come with two baskets of food that total $205. You give them 3 $100 bills, and they say that they cannot accept the third $100 because they cannot give change for it. Well, they do not legally have to accept the bill. They have not yet transfered legal ownership of the food to you, therefore there is no procurement of debt. Since there is no debt (because no contract), the payment is not for the tendering of a legal debt, and can thus be legally refused. In the same case, by law, a bank draft is legal tender. Yet, a business has the right to refuse payment by check...eventhough it is legal tender. However, if you receive your electricity for the month of July, and then you receive a bill in August for the costs, this is a legal debt that must be tendered back to the debtor. If you then go in to make payment, and give them a check, and they refuse to accept your check, for ANY reason, the debt is now dissolved and they may no longer collect on it. Likewise, if you walk in with $300 in cents, and they refuse, they have dissolved your legal responsibility to pay that debt. Legal tender must be accepted for payment of any debt, or the debt is invalidated. That is the purpose of legal tender. In fact, your boss does not legally have to make payment for your services ("paycheck") in the form of a check. If they really wanted to (especially if you "walked-out"), they can pay you all in cents.
Nobody has to accept payment in pennies. A business can legally refuse US currency of any type if they want to. This is bad for business, but not illeagal. In fact they can accept other currencies if they want. If someone wants to pay you in shark teeth and you accept that is all that matters. However, most tangable assets and other forms of currency still require a conversion to dollar value so Uncle Sam knows how to TAX you. Toys R Us is not a bank and niether is Hardies. If you actually look into Federal Law no one is under duress to accept payments in pennies, and you are not going to get anything for free if someone refuses to accept payment in pennies. Also I am not going to copy any Laws onto here becuase IMO the burden of proof is on the person claiming that a business owner does not set the terms of the sale.
Well, yes, and no: http://www.nytimes.com/2007/01/15/us/15Pizza.html But lots of people were upset, obviously not the customers! But... this capitalist did the right thing, he drummed up business and got lots of free publicity. ¡Buena idea Señor, y trabajo, lo es proposito Americano!:smile
There was nothing in that article that said what he was doing was illeagal, only that people were mad????
The point was that people got all up in arms because he was accepting pesos in his business, which is his right. This is another dimension of currency acceptance. In eBay transactions, I have taken at one time or another, British pounds, Polish Zlotych, and Netherlands Guilders. It is my right to accept whatever currency I want to in payment.
The negative reaction to him doing so seems a little silly to me... I guess some people were of the impression that it made things easier for illegal immigrants, but legal immigrants may very well have Mexican pesos too, as well as legal visitors from Mexico, and maybe even Americans who have recently visited Mexico and have spare pesos left over that they didn't take the time to convert back to dollars, etc. Anyway point is, it is perfectly within his right to accept any currency he chooses (just as it is within the complainers' rights to disapprove and say so. Well except for those making death threats; that's NOT protected speech.)
That guy is a tool. It would depend on my mood if I would accept pennies as payment at work. I have taken $1,800 in halves and dollars before, but the terms were agreed upon before I did the work.
BTW I am actively accepting payment in Ukrainian Hryvnia and Euros right now, so if anybody wants to send to me...
If you fly on a plane nowadays, they don't accept any cash. They will only accept credit cards. Anybody can refuse payment from anybody and cash no longer has the power to purchase. :hammer:
