What a Payment is (and How It Continues Confuse Lawyers)
Macquarie Journal of Business Law, Vol. 2, p. 189, 2005
Cambridge Student Law Review, March 2005
15 Pages Posted: 7 Feb 2011
Date Written: February 12, 2005
We instinctively know a payment when we get one. Our wallet bulges, or our bank balance looks a little healthier. But what is a payment really? How do they work? Unfortunately, as this article shows, payment facilities continue to confound us and the law. Recent cases, such as R v Preddy and Holmes, demonstrate the difficulty our legal system has with payment facilities. This article begins with an analysis of what a payment is. It looks at the history of payments, their main modern forms and economic substance. This is followed by a discussion of the above cases and the legislative response in England. The final section discusses some shortcomings in the current legislation and possible approaches to reform.
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