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Payment implies an acceptance and appropriation of that which is offered by one party to another, whereas tender is the act of offering that which is admitted to be due and owing, but which is not accepted by the creditor. ' The tender does not discharge the debt whereas payment does.
Search the Definitions. all words any words phrase. tender. 1) v. to present to another person an unconditional offer to enter into a contract.
If a tender of goods or the performance of an act is refused, the person making the offer: is relieved of the obligation to perform. If a tender of payment is refused by the creditor: the debt is not canceled.
B : to offer as an amount in settlement of a claim by an injured party against an insured NOTE: An insurance company might be obligated to tender the limits of a policy to an injured party when a higher amount is likely to be awarded at trial.
Legal tender is any currency declared legal by a government. Many governments issue a fiat currency and then make it legal tender by setting it as the standard for repaying debt.
Legal Tender refers to all U.S. coins and currency that issued by the government. U.S. Cash dollars are also a valid form of legal tender.
Tender is to unconditionally offer money or performance to meet an obligation. The term most commonly arises in the context of the contractual sale of goods.
A tender of payment is essentially an offer by the maker of the note to pay his obligation to the holder when it becomes due.