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Chapter

Cover Banking Law and Regulation

3. Payment methods  

Iris Chiu and Joanna Wilson

This chapter examines payment methods, which refer to the mechanisms, procedures, and organisations that are used to enable parties to discharge their payment obligations. While there are a vast range of different payment mechanisms, the most common methods are cheques, payment cards, and the electronic transfer of funds. A cheque is a written order from an account holder instructing their bank to pay a specified sum of money to one or more named beneficiaries. Meanwhile, payment cards—small pieces of plastic that are used in financial transactions—have revolutionised the way that people pay for goods or services. Lastly, the transfer of funds refers to the movement of a credit balance from one account to another, which occurs by adjusting the balances of the respective party’s accounts. The chapter then looks at recent innovations in the payment services industry relating to open banking and third-party providers.

Chapter

Cover Principles of Banking Law

12. Principles of Payment  

Ross Cranston, Emilios Avgouleas, Kristin van Zweiten, Theodor van Sante, and Christoper Hare

Payment and banking generally go hand-in-hand. Except for relatively small-value transactions, where cash, payment cards, and, increasingly, forms of e-money are used, payments are usually made through the banking system. This chapter analyzes some of the legal problems arising with payment through the banking system. The first section sketches the basic elements of payment and the way banks make payment. The second section turns to some specific issues — how payment obligations are discharged, whether payment instructions can be countermanded, the availability of funds to payees, and the completion of payment as between banks. The third section examines clearing and settlement systems. In the main the focus of this chapter is on large payments, rather than retail payments.

Chapter

Cover Tort Law

20. Vicarious liability  

This chapter examines the principle of vicarious liability, a form of secondary liability through which employers may, in certain circumstances, be liable for the torts of their employees, even though the employer themselves may be entirely blameless. The imposition of vicarious liability is one of the most important exceptions to the general approach of the common law whereby liability for any wrongdoing is imposed on, and only on, the wrongdoer(s). A defendant will not be vicariously liable unless the following conditions are met: (a) there is an employer–employee relationship (or one akin to this) between the defendant and the person for whose actions they are being held liable; and (b) a close connection between this relationship and the tortious wrongdoing of the employee

Chapter

Cover Tort Law

20. Vicarious liability  

This chapter examines the principle of vicarious liability, a form of secondary liability through which employers may, in certain circumstances, be liable for the torts of their employees, even though the employer themselves may be entirely blameless. The imposition of vicarious liability is one of the most important exceptions to the general approach of the common law whereby liability for any wrongdoing is imposed on, and only on, the wrongdoer(s). A defendant will not be vicariously liable unless the following conditions are met: (a) there is an employer–employee relationship between the defendant and the person for whose actions they are being held liable; (b) the employee committed the tortious act while acting in the course of their employment.

Chapter

Cover Sealy and Hooley's Commercial Law

17. Payment cards and electronic money  

D Fox, RJC Munday, B Soyer, AM Tettenborn, and PG Turner

This chapter focuses on the use of payment cards in commercial transactions, taking into account traditional credit and debit cards and also the more modern contactless instruments, including smartphones, which has been made increasingly available through mobile payment technology. This chapter begins with a discussion of the main types of payment card in general circulation in the UK, including credit (and charge) cards, debit cards, ATM cards, and multifunctional cards. It then considers contractual networks and the regulation of contractual relationships and finally liability for unauthorised transactions and connected lender liability.

Chapter

Cover Tort Law

21. Damages for death and personal injuries  

This chapter examines various issues in relation to damages in tort, beginning by looking at the principles that lie behind damages awards. The primary object of the law is to compensate those who have been harmed by another’s wrongdoing by making an award that seeks to put the claimant into the position that they would have been in had the harm not occurred. The chapter discusses the calculation and forms of damage payments, and special and general damages; independent, joint and several concurrent liabilities; time limitations on claims; the problem with damages; and debunking the compensation culture myth.

Chapter

Cover Commercial Law

23. Legal aspects of money and payment  

This chapter discusses the idea of a payment obligation and the meaning of money, which are both central to commercial law.. Its objectives are, firstly to introduce the idea of money, the legal nature of physical cash, what it means to have money in the bank and whether crypto-currencies can be regarded as money. It then considers what is involved in the obligation of meeting a payment; and the basic nature of a bank account before dealing with electronic payment mechanisms through funds transfers with particular reference to BACs and Chaps including bank settlement procedures.

Chapter

Cover Tort Law

21. Damages for death and personal injuries  

This chapter examines various issues in relation to damages in tort, beginning by looking at the principles that lie behind damages awards. The primary object of the law is to compensate those who have been harmed by another’s wrongdoing by making an award that seeks to put the claimant into the position that they would have been in had the harm not occurred. The chapter discusses the calculation and forms of damage payments, and special and general damages; independent, joint and several concurrent liabilities; time limitations on claims; the problem with damages; and debunking the compensation culture myth.

Chapter

Cover Sealy and Hooley's Commercial Law

18. Negotiable instruments  

D Fox, RJC Munday, B Soyer, AM Tettenborn, and PG Turner

This chapter introduces negotiable instruments as a method of payment in commercial transactions. The law governing negotiable instruments merits consideration for two reasons. First, negotiable instruments are still used as a method of making payment in the commercial world, especially in certain areas of international trade. Secondly, the law relating to negotiable instruments encapsulates many of the fundamental principles and concepts of commercial law in general. This chapter first considers the definition of a negotiable instrument, as well as the concepts of ‘instrument’ and ‘negotiability’, before explaining how instruments come to be negotiable. It also discusses different types of negotiable instrument such as bills of exchange, cheques, promissory notes, bank notes, treasury bills, share warrants, and certificates of deposit. Finally, it describes the advantages of a negotiable instrument as a mode of payment.

Chapter

Cover Principles of Banking Law

13. Domestic Payment Systems  

Ross Cranston, Emilios Avgouleas, Kristin van Zweiten, Theodor van Sante, and Christoper Hare

Payment involves the transfer of monetary value from payer to payee. This chapter deals with ‘payment systems’, which are the instruments, procedures, and institutions that enable persons to effect payment. Traditionally, payment systems have been classified in different ways. One distinction is between credit and debit transfers. Other distinctions include whether the payment system is paper-based, electronic, or both; whether the payment system is limited to small-value or large-value transfers or; or whether the payment system is operated by an emanation of the state or some private commercial entity. The consideration of payment systems will be illustrative, rather than exhaustive, and the discussion will focus on UK-based and domestic payment systems, covering money, cheques, payment cards, and electronic funds transfers in that order.

Chapter

Cover Essential Cases: Equity & Trusts

Central London Property Trust Ltd v High Trees House Ltd [1947] KB 130, King’s Bench Division  

Essential Cases: Equity & Trusts provides a bridge between course textbooks and key case judgments. This case document summarizes the facts and decision in Central London Property Trust Ltd v High Trees House Ltd [1947] KB 130, King’s Bench Division. The document also includes supporting commentary from author Derek Whayman.

Chapter

Cover Essential Cases: Equity & Trusts

Central London Property Trust Ltd v High Trees House Ltd [1947] KB 130, King’s Bench Division  

Essential Cases: Equity & Trusts provides a bridge between course textbooks and key case judgments. This case document summarizes the facts and decision in Central London Property Trust Ltd v High Trees House Ltd [1947] KB 130, King’s Bench Division. The document also includes supporting commentary from author Derek Whayman.

Chapter

Cover Equity and Trusts Concentrate

11. Trustees’ duties and powers  

Each Concentrate revision guide is packed with essential information, key cases, revision tips, exam Q&As, and more. Concentrates show you what to expect in a law exam, what examiners are looking for, and how to achieve extra marks. This chapter discusses the main duties and powers of trustees. Rather than rigidly separating duties and powers, it presents the duties and powers of trustees in a way which reflects how they might arise during the operation of a trust. It first addresses the initial questions of the appointment, removal, and payment of trustees. It then examines issues arising on appointment to the trust and the fiduciary nature of trustees’ duties. Finally, it examines issues likely to arise during the administration of the trust, including the trustees’ powers of investment, beneficiaries’ right to information about the trust, and trustees’ powers of maintenance and advancement.

Chapter

Cover Sealy and Hooley's Commercial Law

16. Modern payment systems  

D Fox, RJC Munday, B Soyer, AM Tettenborn, and PG Turner

This chapter examines modern payment systems for commercial transactions, where payment using physical notes and coins is clearly inappropriate. Various forms of payment mechanisms and payment systems have been developed. This chapter first considers the nature of a funds transfer and the terminology used to describe a funds transfer operation before discussing credit/debit transfers, clearing and settlement, clearing systems and clearing rules, and the duties of the banks involved in a funds transfer. Finally, the chapter also analyses countermand, completion of payment as between payer and payee, and unwanted payments.

Chapter

Cover Sealy and Hooley's Commercial Law

19. Bills of exchange  

D Fox, RJC Munday, B Soyer, AM Tettenborn, and PG Turner

This chapter focuses on bills of exchange, especially in the context of international trade. It first provides an overview of how bills of exchange are used as a method of payment before discussing the relevant provisions of the Bills of Exchange Act 1882. It then considers the definition of a bill of exchange, how a bill of exchange is transferred, and persons entitled to the benefit of the obligation on the bill. It also examines the general principles governing liability on the bill of exchange as well as the enforcement and discharge of the bill. Finally, it looks at mistaken payment, focusing on cases where the payment was received in good faith and in ignorance of the mistake.

Chapter

Cover Sealy and Hooley's Commercial Law

21. The financing of international trade  

D Fox, RJC Munday, B Soyer, AM Tettenborn, and PG Turner

This chapter examines the methods used to finance international trade. The method chosen will in practice greatly depend on the seller’s confidence in the integrity and solvency of the buyer, as well as on the bargaining strengths of the respective parties. The chapter discusses the traditionally most common methods of payment, such as documentary bills, documentary credits, standby credits, performance bonds, and guarantees, together with more modern developments such as Bank Payment Obligations or BPOs. The coverage also includes other financing methods such as forfaiting and financial leasing before concluding with an overview of export credit guarantees.

Chapter

Cover An Introduction to Tort Law

15. Other Systems  

Celebrated for their conceptual clarity, titles in the Clarendon Law Series offer concise, accessible overviews of major fields of law and legal thought. This chapter considers other schemes which are designed precisely to ensure that a victim of a wrong receives compensation. Many persons are injured or killed by motorists who do not have the insurance required by law against their liability. If a victim obtains a judgement against such a motorist and it is not paid off in seven days, it will be met by the Motor Insurers Bureau, representing the that branch of insurance firms in the UK. The Criminal Injuries Compensation Authority makes awards for personal injury directly attributable to a crime of violence. The Vaccine Damage Payments Act 1979 makes payments for those damaged as a result of vaccination against specified diseases.

Chapter

Cover Koffman, Macdonald & Atkins' Law of Contract

5. Promissory estoppel  

This chapter explores the doctrine of promissory estoppel and the case of Central London Property Trust Ltd v High Trees House Ltd. Denning J’s judgment in that case envisioned its application in the part payment of a debt situation to provide a means of preventing the promisor reneging on his or her promise not to seek the whole of the debt. It looks at English law’s restriction of promissory estoppel to preventing promisors going back on promises not to enforce rights, rather than creating new obligations. The considerable uncertainty surrounding the doctrine is explored (e.g. in relation to the extent to which it extinguishes rights, rather than merely suspending them, and what is required to trigger the estoppel (detrimental reliance on the promise or it being inequitable to go back on it)).

Chapter

Cover Information Technology Law

17. Payments, cryptocurrency, and cryptoassets  

This chapter examines payments, cryptocurrency, and cryptoassets. It first provides an overview of token payments before looking at alternative electronic payment systems including debt substitution, payment by credit cards, and fund transfer. The chapter reviews the failure of the European Commission’s Electronic Money Directive 2000 and examines whether the current law, found in the 2009 Electronic Money Directive, and the second Payment Services Directive provide a better legal environment for electronic money to flourish. It spends considerable time looking at the development of cryptocurrencies including Bitcoin and how blockchain is used to establish trust in cryptocurrency transactions before analysing the current legal position of cryptocurrencies. It concludes by looking at the new class of cryptoassets, including NFTs, and asks what legally are such cryptoassets by examining the UK Jurisdiction Taskforce report and the Law Commission consultation paper.

Chapter

Cover Steiner and Woods EU Law

18. Free Movement of Payments and Capital  

This chapter examines the rules concerning free movement of payment and capital within the European Union provided in Articles 63, 64, 65 and 66 of the Treaty on the Functioning of the European Union (TFEU). It explains the scope of and derogations to the free movement of capital. The chapter also considers restrictions on free movement of capital between Member States and third countries. It highlights the willingness of the Court of Justice (CJ) to borrow principles (ie, rule of reason) from the other freedoms. This chapter also considers briefly the provisions relating to monetary and economic union and the developments in the light of the financial crisis.