NB: this is not a debate, it's simply a question of law
What is the legal status of using commodities as a means of payment?
If both buyer and vendor agree that consideration will be for a defined sum of a commodity, be it a barrel of oil, a shipment of high grade copper or a bar of gold, is such a contract enforceable in law?
I ask because various governments have stated that what it prints is legal tender and nothing else is allowed as legal tender.
Does this mean that a vendor is required, by law, to accept the legal tender amount in lieu of the commodity he specified?
What if a person wishes to be paid in precious metals? Is he able to specify that, and have it legally enforced?
Or is it the legal situation that he must accept paper money at all times?
What is the legal status of using commodities as a means of payment?
If both buyer and vendor agree that consideration will be for a defined sum of a commodity, be it a barrel of oil, a shipment of high grade copper or a bar of gold, is such a contract enforceable in law?
I ask because various governments have stated that what it prints is legal tender and nothing else is allowed as legal tender.
Does this mean that a vendor is required, by law, to accept the legal tender amount in lieu of the commodity he specified?
What if a person wishes to be paid in precious metals? Is he able to specify that, and have it legally enforced?
Or is it the legal situation that he must accept paper money at all times?