Re:Visa to Pay Restaurants to Stop Taking Cash
by dragonwriter on Wednesday July 12, 2017 @03:05PM
(#14755561)
There is a difference between accepting a purchase transaction offered and accepting payment for a debt which has been occurred. The former is a matter of whether a contract is formed at immediately fulfilled and the latter of whether an existing contract is violated in a manner that the State will concern itself with.
Restaurants sometimes operate in the former mode (fast-food and fast-casual) and sometimes in the latter (full table service).
I was outraged and asked some lawyers in my family to look into it. Turns out the business had no obligation to accept the transaction. "Legal Tender" means that the currency may be legally used as currency, not that it must be accepted when offered/tendered.