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:
“Jarndyce and Jarndyce drones on. This scarecrow of a suit, has, in course of time, become so complicated that no man alive knows what it means. The parties to it understand it least; but it has been observed that no two Chancery lawyers can talk about it for five minutes, without coming to total disagreement as to all the premises.”
—Charles Dickens (1812–1870)
“Once you are involved in politics, the most difficult thing is to go for hang [be sentenced to death]....We can’t cry over what has happened to us because other people suffer lots more than we suffer.... until you are killed, you can’t say that you have really suffered.”
—Ela Ramgobin (b. 1941)