tender

An offer of money. The act by which one produces and offers to a person holding a claim or demand against him the amount of money which he considers and admits to be due, in satisfaction of such claim or demand, without any stipulation or condition. As used in determining whether one party may place the other in breach of contract for failure to perform, means a readiness and willingness to perform in case of concurrent performance by other party, with present ability to do so, and notice to other party of such readiness. Monroe St. Properties, Inc. v. Carpenter, C.A.Ariz., 407 F.2d 379, 380.

Essential characteristics of tender are unconditional offer to perform coupled with manifested ability to carry out the offer and production of subject matter of tender. Collins v. Kingsberry Homes Corp., D.C.Ala., 243 F.Supp. 741, 744.

At a settlement under an agreement of sale the seller tenders the executed deed to the purchaser, who tenders the remainder of the purchase price to the seller. The actual proffer of money, as distinguished from mere proposal or proposition to proffer it. Hence mere written proposal to pay money, without offer of cash, is not "tender."

Tender, though usually used in connection with an offer to pay money, is properly used in connection with offer of property or performance of duty other than payment of money.

Tender, in common law pleading, is a plea by defendant that he has been always ready to pay the debt demanded, and before the commencement of the action tendered it to the plaintiff, and now brings it into court ready to be paid to him, etc.

Legal tender is that kind of coin, money, or circulating medium which the law compels a creditor to accept in payment of his debt, when tendered by the debtor in the right amount.

See also legal tender

See also legally sufficient tender

@ tender of issue

A form of words in common law pleading, by which a party offers to refer the question raised upon it to the appropriate mode of decision. The common tender of an issue of fact by a defendant is expressed by the words, "and of this he puts himself upon the country."

@ tender of delivery

Tender of delivery requires that the seller put and hold conforming goods at the buyer's disposition and give the buyer any notification reasonably necessary to enable him to take delivery. The manner, time and place for tender are determined by the agreement and Article 2 of the Uniform Commercial Code.

See U.C.C. No. 2-503.

Tender connotes such performance by the tendering party as puts the other party in default if he fails to proceed in some manner. U.C.C. No. 2-503, Comment 1

@ tender offer

A public announcement by a company or individual indicating that it will pay a price above the current market price for the shares "tendered" of a company it wishes to acquire or take control of. An offer to purchase shares made by one company direct to the stockholders of another company, sometimes subject to a minimum and/or a maximum that the offerer will accept, communicated to the shareholders by means of newspaper advertisements and (if the offerer can obtain the shareholders list, which is not often unless it is a friendly tender) by a general mailing to the entire list of shareholders, with a view to acquiring control of the second company. Such purchase offer is used in an effort to go around the management of the second company, which is resisting acquisition. Tender offers are one of several types of corporate takeover techniques, and are regulated by state and federal securities laws; e.g., Williams Act No. 14(e), 15 U.S.C.A. No. 78n(e).

See also leveraged buyout

- Saturday night special

- takeover bid

@ tender of performance

Offer to perform which is commonly necessary to hold the defaulting party to a contract liable for breach.

See also tender

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