Anyone got change for 0.0001p?
Thariq U Ahmad
for its Connect Card holders involving a 75 pound booklet of vouchers.
The thing is, under the terms and conditions, it says that the value
of each voucher is 0.0001p or something. In fact, most vouchers and
money-off coupons generally seem to state that it is worth something
ridiculously low, (0.001p, 0.0001p, etc.)
What is the point of this? Is anyone actually going to go around
collecting thousands of these vouchers just to buy a cup of coffee or
what? Or is it there for some legal reason?
It's been bugging me for a while...
tua
--
Thariq Usman Ahmad serretfrenetcauchybolzanoweirstrasselagrangelaplacedescartes
St. John's College russellgaussjacobialkhowarizmiarchimedesgalioslittlewoodleib
Oxford OX1 3JP niznewtoneuclidhilbertpoincarebernoullirheimannramanujanpythagor
United Kingdom asabelhardydemoivreeulerfourierrollefatoulegendrejordanmoebius[]
James Petts
(Thariq U Ahmad) wrote:
>
> Not sure if this is a FAQ, but Barclays has just started a promotion
> for its Connect Card holders involving a 75 pound booklet of vouchers.
> The thing is, under the terms and conditions, it says that the value
> of each voucher is 0.0001p or something. In fact, most vouchers and
> money-off coupons generally seem to state that it is worth something
> ridiculously low, (0.001p, 0.0001p, etc.)
> What is the point of this? Is anyone actually going to go around
> collecting thousands of these vouchers just to buy a cup of coffee or
> what? Or is it there for some legal reason?
> It's been bugging me for a while...
>
AIUI, for these vouchers to have legal value for a transaction, there has
to be some sort of declared monetary value to them, for the exchange
transaction to be a legal exchange of title to the goods being transferred.
Hence the pitifull small cash value assigned to each. However, if you have
collected a penny's worth, you could probably strike a good deal with a
waste paper merchant
===> James Petts <===
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Dave Quinn
|> Not sure if this is a FAQ, but Barclays has just started a promotion
|> for its Connect Card holders involving a 75 pound booklet of vouchers.
|> The thing is, under the terms and conditions, it says that the value
|> of each voucher is 0.0001p or something. In fact, most vouchers and
|> money-off coupons generally seem to state that it is worth something
|> ridiculously low, (0.001p, 0.0001p, etc.)
|> What is the point of this? Is anyone actually going to go around
|> collecting thousands of these vouchers just to buy a cup of coffee or
|> what? Or is it there for some legal reason?
|> It's been bugging me for a while...
|>
|> tua
|> --
Its the law. If you offer any type of gift token you technically have to
offer a cash alternative as well. So everyone puts a value so tiny that no one
would bother taking the cash option.
Dave
James Hawtin
Thats the simple truth, silly huh?
James.
Michael Gerner
> [Nice clear text deleted for clarity]... In fact, most vouchers and
> money-off coupons generally seem to state that it is worth something
> ridiculously low, (0.001p, 0.0001p, etc.)
> What is the point of this? Is anyone actually going to go around
> collecting thousands of these vouchers just to buy a cup of coffee or
> what? Or is it there for some legal reason?
^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
I think so. From business classes I attended some years ago, one of the
elements of a valid business contract must be "Consideration".
That doesn't mean that the lawyers must let you read the contract before
you sign it. :^)
It does mean that some financial consideration must be involved. Hence
the nominal value attached to the dinky little vouchers. It means that
contract law safeguards both parties to the agreement.
I know a businessman who "sold" a business worth perhaps a million pounds
for a fiver. The reason was the same: he would have been quite happy to
give it away, but to make the contract legally binding money had to change
hands.
If I'd heard about it earlier, I would have offered him 10 pounds... :^)
--
Michael Gerner * Internet: m...@icsbelf.co.uk
ICS Computing Group Ltd. * UUCP: ...{uknet,uunet,mcsun}!icsbelf!mg
Hydepark House, Mallusk Rd * "Love must be genuine. Hate what is evil; cling
Belfast, N. Ireland * to what is good." (Rom 12:9)
Peter Allott
>Not sure if this is a FAQ, but Barclays has just started a promotion
>for its Connect Card holders involving a 75 pound booklet of vouchers.
>The thing is, under the terms and conditions, it says that the value
>of each voucher is 0.0001p
I believe it a 'left over' from the Trading Stamps Act. which stated
that all 'Trading stamps' must specify a cash value.
Usually (from the days of Green Sheild Stamps (and 'friends')) this was
about 80% of the value in goods.
The act simply states a value must be specified.
Roy Badami
Not sure if this is a FAQ, but Barclays has just started a promotion
for its Connect Card holders involving a 75 pound booklet of vouchers.
The thing is, under the terms and conditions, it says that the value
of each voucher is 0.0001p or something. In fact, most vouchers and
money-off coupons generally seem to state that it is worth something
ridiculously low, (0.001p, 0.0001p, etc.)
What is the point of this? Is anyone actually going to go around
collecting thousands of these vouchers just to buy a cup of coffee or
what? Or is it there for some legal reason?
It's been bugging me for a while...
I think it has something to do with the Trading Stamps Act 1964(?).
Green Shield stamps, which were issued under this act, really did have
a cash value, which was comparable to (if somewhat lower than) the
value of the gifts.
Many of the stamps and vouchers you get free with petrol are worth
0.001p, but the rules of the promotion put a minimum of 20p on any one
cash redemption. I think I worked out that I needed to buy half a
million pounds worth of petrol in order to be able to claim my 20p !
-roy
--
Roy Badami, Harlequin Ltd, Barrington Hall, Barrington, Cambridge, U.K.
Internet: r...@harlqn.co.uk UUCP: ..!mcsun!uknet!harlqn!roy
``We are digital -- We are analogue''
Graham Wilson
>In article <1993Mar2.0...@black.ox.ac.uk> jo9...@black.ox.ac.uk (Thariq U Ahmad) writes:
>
> Not sure if this is a FAQ, but Barclays has just started a promotion
> for its Connect Card holders involving a 75 pound booklet of vouchers.
> The thing is, under the terms and conditions, it says that the value
> of each voucher is 0.0001p or something. In fact, most vouchers and
> money-off coupons generally seem to state that it is worth something
> ridiculously low, (0.001p, 0.0001p, etc.)
> What is the point of this? Is anyone actually going to go around
> collecting thousands of these vouchers just to buy a cup of coffee or
> what? Or is it there for some legal reason?
> It's been bugging me for a while...
>
>I think it has something to do with the Trading Stamps Act 1964(?).
>Green Shield stamps, which were issued under this act, really did have
>a cash value, which was comparable to (if somewhat lower than) the
>value of the gifts.
>
>Many of the stamps and vouchers you get free with petrol are worth
>0.001p, but the rules of the promotion put a minimum of 20p on any one
>cash redemption. I think I worked out that I needed to buy half a
>million pounds worth of petrol in order to be able to claim my 20p !
** Don't forget Barclaycard's "wonderful" profile points offer. Yes,
just spend 100 pounds per week for the next 50 years and get a...
wait for it... a free flying lesson worth 50 quid.
assuming you can still fly.
--
*********************************************************
* Graham Wilson * lsg...@cck.coventry.ac.uk *
* LL.B. Law III * Coventry University *
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