Define: Ringing Out

Ringing Out
Ringing Out
Quick Summary of Ringing Out

Ringing out is a method employed by commodities dealers to terminate future delivery contracts prior to the scheduled delivery date. This is achieved through the use of offsets, cancellations, and price adjustments, allowing them to avoid the expenses associated with physical delivery and transfer of ownership. It can be likened to canceling a plan in advance, thereby avoiding the need to follow through and incur financial costs.

Full Definition Of Ringing Out

Ringing out, also known as ringing up, is a method utilised by commodities dealers to discharge contracts for future delivery in advance. This is achieved through offsets, cancellations, and price adjustments, which helps to avoid the cost and logistics of actual delivery and change of possession. For example, if a commodities dealer has a contract to deliver 100 barrels of oil in three months but is unable to fulfil it due to unforeseen circumstances, they can use ringing out to discharge the contract by offsetting it with another contract or adjusting the price. This allows them to fulfil their obligation without physically delivering the oil, saving on costs and logistics associated with physical delivery.

Ringing Out FAQ'S

– No, it is not legal to ring out a customer’s purchase without their consent. Doing so could be considered theft or fraud.

– Yes, a store has the right to refuse service to a customer, as long as it is not based on discrimination against a protected class.

– It depends on the circumstances. If the refusal was based on discrimination, the customer may have grounds for a lawsuit. Otherwise, the store generally has the right to refuse service.

– Yes, a store can charge a restocking fee for returned items as long as it is clearly stated in their return policy and does not violate any consumer protection laws.

– Yes, a store can refuse to accept a return without a receipt, as long as it is clearly stated in their return policy. However, some states have laws requiring stores to accept returns without a receipt under certain circumstances.

– It depends on the store’s return policy. If the store’s policy allows for refunds on damaged items, then they should honor that policy. If not, the customer may have grounds for a dispute.

– It depends on the state. Some states have laws prohibiting stores from charging fees for credit card transactions, while others allow it as long as it is disclosed to the customer.

– In most cases, a store cannot refuse to accept cash as payment, as it is legal tender. However, there are some exceptions, such as for certain types of transactions or in states with specific laws allowing for cashless businesses.

– Generally, a store is required to honor a sale price that was advertised, as long as it was not a clear mistake. However, if the store has a disclaimer stating that they are not responsible for errors in pricing, they may have grounds to refuse.

– Yes, a store has the right to refuse to sell certain items to a customer, as long as it is not based on discrimination against a protected class. For example, a store may refuse to sell alcohol to someone who is underage.

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Disclaimer

This site contains general legal information but does not constitute professional legal advice for your particular situation. Persuing this glossary does not create an attorney-client or legal adviser relationship. If you have specific questions, please consult a qualified attorney licensed in your jurisdiction.

This glossary post was last updated: 17th April 2024.

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