199
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
this post was submitted on 02 Mar 2024
199 points (97.6% liked)
InsanePeopleFacebook
2188 readers
351 users here now
Screenshots of people being insane on Facebook. Please censor names/pics of end users in screenshots. Please follow the rules of lemmy.world
founded 10 months ago
MODERATORS
Your second paragraph is correct but the first one is not. An individual is not required to accept legal tender. The government is, but individuals can accept or reject any form of payment.
Not quite. Any seller can reject any form of payment at the point of sale. But, after a contract has been established, private parties are required to accept U.S. currency as a form of payment.
Hence the words printed on paper money: "THIS NOTE IS LEGAL TENDER FOR ALL DEBTS, PUBLIC AND PRIVATE."
The case Marbury v. Madison (1803) established the power of Congress to declare legal tender. However, it also clarified that this power doesn't compel private entities to accept it for all transactions.
I'm not talking about a transaction like in a grocery store. I'm taking about contracts. Under contract law, a debt paid in US currency is considered fulfillment of the contract.