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- Dictionarylegal tender
noun
- 1. coins or banknotes that must be accepted if offered in payment of a debt.
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Legal tender means you can't be sued for failing to repay a debt in that form. In the UK, coins and Bank of England notes are legal tender in England and Wales, but not in Scotland or Northern Ireland.
6 days ago · Legal tender describes any official medium of payment recognized by law that can be used to extinguish a public or private debt or to meet a financial obligation.
Legal tender is money that is legally valid for the payment of debts and that must be accepted for that purpose when offered. Learn the synonyms, history, and usage of this term with examples from various sources.
Legal tender is a form of money that courts of law are required to recognize as satisfactory payment for any monetary debt. [1] Each jurisdiction determines what is legal tender, but essentially it is anything which when offered ("tendered") in payment of a debt extinguishes the debt. There is no obligation on the creditor to accept the ...
Apr 30, 2024 · Legal tender is essentially the official currency of a specific political jurisdiction, recognized and accepted by both individuals and institutions within that jurisdiction. This currency is used to facilitate transactions, pay off debts, and conduct various financial activities.
Legal tender is any form of money that a government decrees must be accepted in payment of debts. Learn the origin, history, and usage of this term with examples from various sources.
Nov 22, 2021 · Legal tender laws dictate what currency must be accepted by creditors. Read on to learn how it works and what it means for investors and business owners.
