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Technology Stocks : Qualcomm Moderated Thread - please read rules before posting
QCOM 182.53+3.5%1:30 PM EST
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To: scratchmyback who wrote (76809)5/2/2008 11:44:24 AM
From: JGoren  Read Replies (2) of 197099
 
I'm sorry, but your conclusion is silly and meritless and I will assume you meant it to be flippant. But, not to have some board members mislead I will respond seriously.

There were several pages of conditions to acceptance of the $20 million check, according to Qcom. "Tender" of payment must be non-conditional to be lawful. Nokia attempted to forge a new or modified contract. Normally, if one places a condition with a check (e.g., in full and final settlement of all amounts due on account--in full and final settlement of all claims and causes of action arising out of a traffic accident on such and such date) and the creditor accepts the check, then an accord and satisfaction takes place, that is, a contract ensues to accept only that amount in satisfaction of the debt. If you've ever received from an insurance company a check to reimburse you for damages from an auto accident you will recall a similar statement on the reverse side of the check where you endorse it. Qcom's rejection cannot be interpreted as an acknowledgement that nothing is due, as a matter of law. BTW, it doesn't matter that there is no debt due if there is a dispute.

Qcom had no choice but to reject the payment. Indeed, there are rules that the rejection and return of the check has to be immediate or within a reasonable period of time to avoid acceptance.
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