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LEGAL TENDER MONEY: A legal medium of payment.
Wiki User
∙ 12y ago
Legal tender money is currency recognized by a government as valid for settling financial obligations, like taxes, debts, or purchases. It must be accepted for payment within the jurisdiction that issued it. Examples include banknotes and coins issued by a government's central bank.
Wiki User
∙ 9y agoLegal tender money is the valid medium of payment allowed by a country's legal system to be used during exchange of goods and services.
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What is illegal tender?
Illegal tender refers to currency, such as counterfeit money, that has no legal value and is not recognized by a government as valid currency for transactions. Using illegal tender can lead to legal repercussions, as it is a form of fraud.
What describes any kind of money a creditor must accept by law in payment of a monetary debt?
Legal Tender
Is legal tender the only use of money to buy things?
No, legal tender is not the only form of money that can be used to buy things. In addition to physical currency issued by governments, electronic money, such as bank deposits and credit cards, can also be used to make purchases. Digital currencies like Bitcoin are another form of money that can be used for transactions.
What is definition of lawful money?
Lawful money refers to currency that is considered legal tender by a government and can be used to settle debts, pay taxes, and purchase goods and services. This includes coins and banknotes issued by the government or central bank that are widely accepted in exchange for goods and services.
What is the largest bill of legal tender that is in circulation in Germany?
The largest bill of legal tender in Germany is the €500 note, which is part of the euro currency. However, the European Central Bank announced in 2016 that it would stop producing the €500 note due to concerns about its use in illegal activities such as money laundering.
Who use legal tender?
Legal tender is everyday money.
What is legal tender money?
a legal medium of payment
Can US money be used in Australia?
No. Only Australian currency is legal tender in Australia.
What is the legal tender of south Australia?
Money
Is Monopoly money legal currency?
No. Monopoly money is only legal tender in the Monopoly game.
Is new zealand money legal tender in Australia?
No. Most countries accept as Legal Tender only their own currency.
What is the difference between Fiat money and legal tender?
Fiat money is the money with no intrinsic value and its value is guaranteed by the monetary authority. Thus, Fiat money is with legal tender. People is bound to accept it.
What is limited legal tender money?
Legal Tender is a forced tender payment that should be not refused in settlement of a debt. http://en.wikipedia.org/wiki/Legal_tender
Is it legal to photo copy paper money with the statement legal tender on it?
No sir do not do that it can land you in jail
Money that a creditor must accept by law is called what?
legal tender.
Another name for money?
greenbacks, money, curreny, monetary, percuniary
Is a twenty pound Scottish note legal tender in England?
Yes all Scottish notes are legal tender throughout the UK, that is in England, Northern Ireland and Wales. Actually no. Scottish and Northern Irish notes may be used in any part of the UK and as they are marked Sterling, most shops will accept them. They are not legal tender however. Legal tender is a misunderstood term and does not refer to whether money is currency that can be used. Scottish and Northern Irish sterling notes are not legal tender in any part of the UK. No banknote is legal tender in Scotland or N. Ireland in fact! This money is issued by retail banks and is classed as a promissory note not Legal Tender. The expression Legal Tender is to do with debt payment laws and refers to a form of payment that is legally always acceptable. In England and Wales the only legal tender is money issued by the Bank of England and no note is Legal Tender in Scotland or Northern Ireland including their own notes. There is quite a good discussion of this on the Royal Mint banknote site.
