Word: payment
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...national pastime, costing the government, by some guesses, $12 billion a year in uncollected revenues. It is estimated, for example, that the country's 2.3 million self-employed people declare only half of their income by such devices as keeping double sets of books and asking for payment in cash. As a result, the government is forced to collect fully 62% of its income through indirect sales taxes reaching as high...
...concessions. The East Bloc has always argued that colonial expansion was the cause of the Third World's poverty and that the Communist nations thus were under no obligation to make "reparations." Unconvinced by this argument, the LDCs demanded more aid, better access to East Bloc markets and payment in hard currencies-but won no commitments from the Communist delegates...
...drearily familiar story: a consumer buys an auto, refrigerator, sofa or whatever, and signs a time-payment contract. The product quickly breaks down or proves otherwise defective, and the dealer refuses to repair or replace it. Understandably, the consumer then tries to withhold payment-only to find that his contract has been sold by the dealer at a discount to a bank, finance company or other lender. The lender proclaims, quite correctly, that as the purchaser of a presumably valid contract-in legal parlance, as a "holder in due course"-he has no responsibility for the merchandise...
...after months of hearings, the Federal Trade Commission has moved to end this nightmare. In a ruling earlier this month, the agency decreed that a holder in due course is responsible for the merchandise, that a consumer can stop payment on a faulty product-and that all that has to be spelled out in bold type on the installment contract.* Consumers may still be sued by holders in due course for payment, but they now have a legal basis for defending themselves. The move will not prevent shoddy merchandise from reaching the marketplace. But since no bank or finance company...
...Kiawah Island project off the ground, then cut out Fraser's company just when the project was starting to return some profit. Besides threatening Sea Pines' future earnings, the dispute has deprived the company of some ready cash. When the Kuwaitis failed to make a $50,000 payment to Sea Pines in February, Fraser was able to meet his payroll only through the sale of a lot on Hilton Head...