answersLogoWhite

0


Best Answer

"This note is legal for all debs, public and private", right?

That was added to money when the government seized the gold reserves that backed the money. Money used to mean that it was something you could trade in for something real - gold or silver. The government decided to back it - by their good word. (You may know how good the government's word is by calculating the difference between $35 an ounce in 1933 to the current price in 2010 - $1,096. The value of the gold is the same, the value of the government's "word" has plummeted.)

The line had to be added to the money, because otherwise, most woulld have refused to use it, prefering "real" money of gold or silver.

The law still exists. But there are some things people don't realize. Such as buying things at a store not counting as "debt". The law - as amended in the sixties - requires creditors to accept cash, but not private stores or citizens.

User Avatar

Wiki User

14y ago
This answer is:
User Avatar

Add your answer:

Earn +20 pts
Q: What is the Law pertaining to payment of debt by cash being refused?
Write your answer...
Submit
Still have questions?
magnify glass
imp
Related questions

Is it legal to refuse cash as payment in America?

Depends. If the cash payment is the payment of debt, then the payment cannot be refused, as long as the money is still legal tender. Cents stop being legal tender after a certain amount, which is why you cannot try to pay a debt using 10,000 cents for example, this can be legally refused. If it's payment in a shop, a shop has the right to refuse service to anyone as long as it is not for a racial, age, gender related reason. They do not 'have' to accept any offer of payment, nor are they disallowed from accepting payment in other forms.


Payment by check or payment by cash?

cash payment limited for budget 2010-2011


What happens when cash is received in payment of an account?

Received cash from a customer as payment on account


Full dentures, Senior, cash payment! ?

“Full dentures, Senior, cash payment! ”


Does an increase in accrued expenses increase cash flow?

Yes, Expenses done while payment not made is a reason for increase in cash flows because if cash is paid then there would be a reduction in cash while deferred it to future time has actually increase the cash flow for the time being.


If a company will not take your cash payment do you still owe the money?

Yes, but it's strange they won't take cash. Try to find out what form they want payment in, and then try to make payment that way. If cash is the only way you can do it, call them and ask how to make a payment in cash.


What is the journal entry for down payment of cash?

[Debit] Down payment xxxx [Credit] cash xxxx


What is an outflow of cash profitable operations the sale of equipment the sale of the company's common stock or the payment of cash dividends?

the payment of cash dividends


What is the definition of a cash payment?

The definition of a cash payment is a form of liquid funds that is given by a consumer to service and goods providers in return for receiving them. You can learn more about cash payment at the Business Dictionary website.


What are the advantages of cash payment?

There are many advantages of cash payment. First off, cash is the most common form of payment around the world. One does not need to know any other information such as a pin number to use cash. Cash is easy to carry and has no fees for use.


How can you pass entry for cash payment?

cash dr. to party.


What is a cash voucher?

A cash voucher is an evidence of the payment made