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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.


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.


Cover O'Sullivan & Hilliard's The Law of Contract

5. Consideration and estoppel  

Titles in the Core Text series take the reader straight to the heart of the subject, providing focused, concise, and reliable guides for students at all levels. This chapter explores and defends the consideration requirement in the enforceability of contractual obligations, both when the contract is formed and if it is varied, refuting some of the criticisms calling for the requirement of consideration to be reformed or abolished in English law. It defines consideration as the ‘price of the promise’ and clarifies that an act or promise must have been requested by the promisor to count as consideration. It explores issues such as past consideration, performance of an existing contractual duty, and part payment of a debt, for which latter issue the common law rule is ameliorated by the equitable doctrine of promissory estoppel.


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.