Book contents
- Frontmatter
- Contents
- Preface
- List of Contributors
- List of Abbreviations
- 1Ius Commune and the Principles of European Contract Law: Contemporary Renewal of an Old Idea
- 2Good Faith
- 3Offer, Acceptance and the Moment of Contract Formation
- 4The Battle of Forms
- 5Agency
- 6Threats and Excessive Benefits or Unfair Advantage
- 7Interpretation
- 8Third-Party Contracts
- 9Payment
- 10Specific Performance and Special Damages
- 11Termination for Breach of Contract
- 12Assignment
- 13Capitalisation of Interest
- AppendixThe Principles of European Contract Law
- List of Cases
- Index
9 - Payment
Published online by Cambridge University Press: 05 September 2026
Book contents
- Frontmatter
- Contents
- Preface
- List of Contributors
- List of Abbreviations
- 1Ius Commune and the Principles of European Contract Law: Contemporary Renewal of an Old Idea
- 2Good Faith
- 3Offer, Acceptance and the Moment of Contract Formation
- 4The Battle of Forms
- 5Agency
- 6Threats and Excessive Benefits or Unfair Advantage
- 7Interpretation
- 8Third-Party Contracts
- 9Payment
- 10Specific Performance and Special Damages
- 11Termination for Breach of Contract
- 12Assignment
- 13Capitalisation of Interest
- AppendixThe Principles of European Contract Law
- List of Cases
- Index
Summary
A. INTRODUCTION
Chapter 7 of PECL deals with the performance of obligations. The focus of this contribution is on the performance of a particular type of obligation, namely the obligation to pay money, or, in other words, on payment.Two questions relating to payment dealt with in PECL are considered here in comparative perspective namely: (1) the form and manner of payment; and (2) payment by a third party.
B. FORM AND MANNER OF PAYMENT
(1) South African and Scots law
The point of departure in both South African and Scots law is that payment must be in legal tender, i.e. notes and coins. The amount that the creditor is compelled to accept in coin is, however, statutorily limited. A creditor may reject payment in foreign currency unless otherwise agreed in the contract. Despite being widely accepted in Scotland, Scottish bank notes are not legal tender, whether in Scotland or elsewhere in the United Kingdom. They are promissory notes widely accepted and negotiated.
Information
- Type
- Chapter
- Information
- European Contract LawScots and South African Perspectives, pp. 230 - 248Publisher: Edinburgh University PressFirst published in: 2026
Accessibility standard: Unknown
Why this information is here
This section outlines the accessibility features of this content - including support for screen readers, full keyboard navigation and high-contrast display options. This may not be relevant for you.Accessibility Information
Accessibility compliance for the PDF of this chapter is currently unknown and may be updated in the future.