Warning
Info
Warning
Info
Simple English definitions for legal terms
tender
Read a random definition: suspended trading
A quick definition of tender:
Term: Tender
Definition: Tender means offering money or something else to fulfill a promise. This often happens when people buy or sell things. For example, if someone wants to buy a car, they might tender an offer to pay a certain amount of money for it. If the seller accepts the offer, they have to sell the car for that price. Tender can also refer to offering money or something else to someone in exchange for them doing something for you. However, it's important to remember that offering money to someone in exchange for them doing something illegal or unethical is called bribery and is against the law.
A more thorough explanation:
Definition: Tender is when someone offers money or performance to fulfill an obligation. This often comes up in the context of selling goods. For example, if someone offers to pay a certain amount of money or deliver a specific item, that offer is considered the same as actually giving the money or item.
One example of this is the perfect tender rule. This rule says that if someone buys goods and the seller offers goods that are defective in some way, the buyer can reject the offer. Another example is when someone promises or offers money or something else of value to a public official in exchange for special treatment. This is called bribery and is illegal.
Example: John wants to buy a new computer from a store. He finds one he likes and offers to pay $1,000 for it. The store agrees to sell it to him for that price. John then has to tender the money, which means he has to actually give the store the $1,000. Once he does that, the transaction is complete and he can take the computer home.
Explanation: In this example, John made an offer to buy the computer for a certain amount of money. The store accepted his offer, but the transaction wasn't complete until John actually gave them the money. This is what tender means - offering to fulfill an obligation by giving money or something else of value.