On the US one dollar bill it states "This note is legal tender for all debts public and private" but I just read a news story on Yahoo! that said Apple will no longer accept cash for iPhones. How is that possible or legal?
2007-10-27 07:39:12 · 7 answers · asked by Boom Blatz 5 in Business & Finance ➔ Credit
A debt is money you owe. If they refuse to loan money (or sell goods on credit) in the first place, there is no problem. The message on the paper money means that if they do agree to loan money or sell something on credit, and you later pay the amount you owe in paper money, the debt is satisfied and they cannot demand coins instead. This was important when paper money and coins of the same face value did not have the same actual value in commerce, so creditors would insist on coins (which had greater value) and refuse paper money (which had less). It is really pointless today.
2007-10-27 08:03:34 · answer #1 · answered by StephenWeinstein 7 · 1⤊ 0⤋
Oct. 27 (Bloomberg) -- Apple Inc. said it will restrict iPhone sales to two phones a customer and require credit or debit card payment on those phones to discourage unauthorized resellers and maintain enough stock for the holidays.
-- Businesses can do whatever they want, so long as the policy is the same for EVERYONE.
2007-10-27 07:48:07 · answer #2 · answered by SJ 4 · 1⤊ 0⤋
Businesses can take whatever form of payment they want. Do you think business to business transactions would ever allow the buyer to pay in cash when the costs are in the millions? It's legal. They might fear counterfeit.
2007-10-27 07:48:06 · answer #3 · answered by Grick 4 · 0⤊ 0⤋
i think of you ought to only save it and placed it in a chit expenditures account or in step with danger a cd to enhance interest in case you dont choose for to spend it. And once you do your taxes next year, in case you finally end up owing, you then can use it to pay lower back, plus you will make slightly of interest :) yet i'm confident you are going to be able to desire to refuse it in case you wanted to. call the only million-888 IRS # and locate out. So, in case you are going to be able to refuse it (which I genuinely have not heard all people say that ) once you report your 2008 taxes the respond would be "no" to "did you get carry of your stimulus verify?"
2017-01-04 12:55:34 · answer #4 · answered by Anonymous · 0⤊ 0⤋
That is not legal...they have to accept cash...coins can have to be rolled etc. to accept them, but, legally you are correct...unless they only sell online, a retail location has to accept cash.
just read the answer above...I don't think it's legal to require payment on the card...however they could require it for the bill...
2007-10-27 07:48:34 · answer #5 · answered by Stacey 5 · 0⤊ 1⤋
credit card is taken to ensure you are going to be able to stay on contract. if you termiante early, they will bill your cc, that is why the restriction imposed.
diredct TV is similar in its set up policey
2007-10-27 07:46:54 · answer #6 · answered by Michael M 7 · 1⤊ 0⤋
Are you sure you understood the news story correctly?
2007-10-27 07:44:00 · answer #7 · answered by Anonymous · 0⤊ 1⤋