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Non-Cattle Specific Topics
Coffee Shop
World without cash!
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<blockquote data-quote="Lee VanRoss" data-source="post: 1725997" data-attributes="member: 40072"><p>A business is not required to accept cash as payment for product or services, however, <em>there is almost always a however,,,.</em></p><p>Let's say you purchase a new truck,. tractor, airplane, mink coat, what have you. For the sake of illustration the cost of</p><p>the item is $75 K (<em>cheap plane) </em>They agree to accept $50K as down payment. You cut a check for $50 K for the down payment</p><p>and sign a note for the remainder. The remainder is a legal debt for value received by you and can as such be paid by cash.</p><p>Cash is legal tender for all debt , public and private. The caveat here is I do not at the moment have a Uniform Security Agreement</p><p>in front of me to determine if there is a clause therein to define method of payment.</p></blockquote><p></p>
[QUOTE="Lee VanRoss, post: 1725997, member: 40072"] A business is not required to accept cash as payment for product or services, however, [I]there is almost always a however,,,.[/I] Let's say you purchase a new truck,. tractor, airplane, mink coat, what have you. For the sake of illustration the cost of the item is $75 K ([I]cheap plane) [/I]They agree to accept $50K as down payment. You cut a check for $50 K for the down payment and sign a note for the remainder. The remainder is a legal debt for value received by you and can as such be paid by cash. Cash is legal tender for all debt , public and private. The caveat here is I do not at the moment have a Uniform Security Agreement in front of me to determine if there is a clause therein to define method of payment. [/QUOTE]
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