LEGAL TENDER

legal tender. The money (bills and coins) approved in a country for the payment of
debts the purchase of !oods and other e"chan!es for value. #ee TENDER ($). %&ases'
(nited #tates )*. &.+.#. (nited #tates ,, -./0-.).1
TENDER
tendern.-. A valid and sufficient offer of performance2 specif. an unconditional offer of
money or performance to satisfy a debt or obli!ation 3 a tender of delivery4. 5 The tender
may save the tenderin! party from a penalty for nonpayment or nonperformance or may
if the other party un6ustifiably refuses the tender place the other party in default. &f.
788ER 78 9ER87R:AN&E 2 &7N#;GNAT;7N. %&ases' &ontracts /<=2 #ales -$)
->$2 ?endor and 9urchaser -*> -<@. &.+.#. &ontracts , $*>2 #ales ,, -.-0-./ -.* ->/2
?endor and 9urchaser,, )>@0)>/ *@=0*-. *-=.1
tender of delivery. A sellerAs puttin! and holdin! conformin! !oods at the buyerAs
disposition and !ivin! the buyer any notification reasonably necessary to taBe delivery. 5
The manner time and place for tender are determined by the a!reement and by Article /
of the (niform &ommercial &ode. %&ases' #ales -$). &.+.#. #ales ,, -.-0-./ -.* ->/.1
tender of performance. An obli!orAs demonstration of readiness Cillin!ness and ability
to perform the obli!ation2 esp. a buyerAs demonstration of readiness Cillin!ness and
ability to pay the purchase money or a sellerAs offer to deliver merchantable title. An offer
to perform is usu. necessary to hold the defaultin! party to a contract liable for breach.
%&ases' &ontracts /<=. &.+.#. &ontracts , $*>.1
/. Something unconditionally offered to satisfy a debt or obligation. %&ases' Tender -
-@. &.+.#. Tender ,, /0) $ < /.0/>.1 ).&ontracts. Attempted performance that is
frustrated by the act of the party for Chose benefit it is to taBe place. The performance
may taBe the form of either a tender of !oods or services or a tender of payment.
Althou!h this sense is Duite similar to sense - it differs in maBin! the other partyAs
refusal part of the definition itself.
perfect tender. A sellerAs tender that meets the contractual terms entered into Cith the
buyer concernin! the Duality and specifications of the !oods sold. #ee 9ER8E&TE
TENDER R(LE.
%&ases' #ales -$) -<<. &.+.#. #ales ,, -.-0-./ -.* ->/ ->= -=* -=<0-=>.1
*. An offer or bid put forCard for acceptance 3a tender for the construction contract4.
%&ases' 9ublic &ontracts >. &.+.#. 9ublic Administrative LaC and 9rocedure ,, < -/0
-).1 $. #omethin! that serves as a means of payment such as coin banBnotes or other
circulatin! medium2 money 3le!al tender4. %&ases' 9ayment -@2 (nited #tates )*. &.+.#.
(nited #tates ,, -./0-.).1 F tender vb.
TENDER 9LEA 78
tender plea of. #ee 9LEA 78 TENDER
TENDER 788ER
tender offer. A public offer to buy a minimum number of shares directly from a corporationAs
shareholders at a fi"ed price usu. at a substantial premium over the marBet price in an effort to
taBe control of the corporation. F Also termed taBeover offer2 taBeover bid. &f. publicEe"chan!e
offer under 788ER. %&ases' #ecurities Re!ulation $/.)@0$/.$@. &.+.#. #ecurities Re!ulation ,,
-/-0-// -/<0-/> -)-0-)> -*@0-*-.1
GHroadly speaBin! a direct solicitation of a corporationAs stocBholders to sell their shares to
an acDuirer is BnoCn as a tender offer (because the acDuirer is asBin! the e"istin! stocBholders to
tender their shares for sale).I 8ranBlin A. GevurtJ &orporation LaC , <.) at .<) (/@@@).
cash tender offer. A tender offer in Chich the bidder offers to pay cash for the tar!etAs shares
as opposed to offerin! other corporate shares in e"chan!e. 5 :ost tender offers involve cash.
%&ases' #ecurities Re!ulation $/.)@0$/.$@. &.+.#. #ecurities Re!ulation ,, -/-0-// -/<0-/>
-)-0-)> -*@0-*-.1
creepin! tender offer. #ee creepin! acDuisition under A&K(;#;T;7N.
TENDER 78 ;##(E
tender of issue. &ommonElaC pleadin!. A form attached to a traverse by Chich the traversin!
party refers the issue to the proper mode of trial. %&ases' 9leadin! -@@ --/. &.+.#. 9leadin! ,,
->) <.* <.=.1
G%;1t is the ob6ect of all pleadin!s to brin! the parties in the course of their mutual
altercations to an issue that is a sin!le entire point affirmed on the one side and denied on the
other2 and it is to effect this ob6ect that the above rule Cas established. There can be no arrival at
this point until one or the other of the parties by the conclusion of his pleadin! offers an issue for
the acceptance of his opponent and this offer is called the Ltender of issue.M I Hen6amin +.
#hipman NandbooB of &ommonELaC 9leadin! , /$* at **. (Nenry Ointhrop Hallantine ed. )d
ed. -=/)).