What do you mean by Tender of Payment

Question

What do you mean by Tender of Payment?

Answer 1

Most of the agreements required payment of money by at least one of the parties. Except an agreement states or else creditor can persist on acceptance legal tender, disbursement of notes as well as coins to a certain value (e.g., up to $25 in one-dollar coins). As well, debtor has major obligation of locating creditor and tendering payment, excluding he is not required to essentially tender payment if creditor has point towards it would be refused. There are also definite rules prevailing payment by debit card, credit card and cheque. For debit and credit cards mainly common issue is unconstitutional use. In case of cheques, discharge is conditional until the cheque has cleared the bank.