3 ms·
> The US dollar is backed by US law guaranteeing that it must be accepted as payment for all debts If you're referring to the 'legal tender for all debts publi
by danudey 14y ago
> The US dollar is backed by US law guaranteeing that it must be accepted as payment for all debts
If you're referring to the 'legal tender for all debts public and private' clause on the notes themselves, that means that it can be used for such purposes, not that it must be accepted. If we agree that I'll do your deck and you'll give me your car, you can't just say 'I want to keep my car, here's some cash instead'.
- kragen 14y agoGenerally speaking, if I say that and you take me to court to get my car, the court will award you damages, which I can pay with some cash. The alternative, where the court orders me to give you my car, is called "specific performance" and is very rare.
- mcherm 14y ago> it can be used for such purposes, not that it must be accepted Before the contract is agreed to, the parties can make any arrangement they want, including agreeing to pay in bitcoins. But if one party fails to deliver and they wind up in court, then the court (as kragen pointed out) will almost never require them to deliver the item, the court will instead require that the victim be compensated and will allow dollars to be used to compensate them. Now, if bitcoins were worth $250 each at the time the deck got painted and are only worth $160 each by the time the court case completes, there is a fairly good chance that the court will demand the $250 price be used to determine what the compensation should be.