BLO 3405 Lecture Notes - Lecture 7: Direct Deposit, Exchange Rate, Bitcoin
31 Jul 2021
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Payment" - the tender and acceptance of some act which discharges a monetary obligation. Tender is an offer by the debtor to perform some act that will discharge the payment obligation: a valid tender has legal consequences even if not accepted, that is, the law holds the payment obligation has been discharged. The reason given for the refusal of tender may have serious legal consequences: Legal tender" is defined in the currency act 1965 (cth) (p285) In commercial contracts, the court will often find an intention that payment be made by means other than legal tender: Tenax steamship v brimnes (1975) (p286: payment systems, common payment methods, cash, direct credits or debits, bpay. Funds transfer systems contain several basic elements (list p. 292) It is not the case that these technologies are unregulated. There are a number of default common law rules that apply to payment systems utilised by financial institutions (list pp293-4: payment systems.
