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Simple English definitions for legal terms
perfect tender
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A quick definition of perfect tender:
Perfect tender refers to a valid and unconditional offer made by someone to pay a debt or fulfill an obligation. This offer can save the person from penalties for nonpayment or nonperformance. If the other party refuses the offer without a good reason, they may be considered in default. In the context of sales, tender of delivery means the seller has made the goods available to the buyer and given them notice to take delivery. Tender of performance refers to a person's demonstration of readiness, willingness, and ability to fulfill their obligation, such as a buyer's offer to pay or a seller's offer to deliver goods.
A more thorough explanation:
Perfect tender refers to a valid and sufficient offer of performance, which can be an unconditional offer of money or performance to satisfy a debt or obligation. It is a way to save the tendering party from a penalty for nonpayment or nonperformance or to place the other party in default if they unjustifiably refuse the tender.
For example, if a seller offers to deliver goods to a buyer, and the goods are in conformity with the contract, the seller has made a perfect tender. If the buyer refuses to accept the goods without a valid reason, they will be in default.
Another example is when a debtor offers to pay their debt in full, and the creditor refuses the payment without a valid reason. In this case, the debtor has made a perfect tender, and the creditor will be in default if they refuse the payment.
Overall, perfect tender is a way to ensure that both parties fulfill their obligations under a contract and avoid any penalties for nonperformance or nonpayment.