Parties Involved
Payments may be classified by the number of parties involved to consummate a transaction. For example, a credit card transaction in the United States requires a minimum of four parties (the purchaser, the seller, the issuing bank, and the acquiring bank). A cash payment requires a minimum of three parties (the seller, the purchaser, and the issuer of the currency). A barter payment requires a minimum of two parties (the purchaser and the seller).
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Famous quotes containing the words parties and/or involved:
“And therefore, as when there is a controversy in an account, the parties must by their own accord, set up for right Reason, the Reason of some Arbitrator, or Judge, to whose sentence, they will both stand, or their controversy must either come to blows, or be undecided, for want of a right Reason constituted by Nature; so is it also in all debates of what kind soever.”
—Thomas Hobbes (1579–1688)
“I cannot exaggerate the waste of the President’s time and the consumption of his nervous vitality involved in listening to congressmen’s intercession as to local appointments. Why should the President have to have his time taken up in a discussion over ... who shall be the postmistress of Devil’s Lake, in North Dakota? How should he be able to know ... who is best fitted to fill such a place?”
—William Howard Taft (1857–1930)