what is a legal tender
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Legal tender is a form of money that courts of law are required to recognize as satisfactory payment for any monetary debt. Each jurisdiction determines what is legal tender, but essentially it is anything which when offered in payment of a debt extinguishes the debt.
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Legal tender is any official medium of payment recognised by law that can be used to extinguish a public or private debt, or meet a financial obligation. The national currency is legal tender in practically every country. A creditor is obliged to accept legal tender towards payment of a debt. Thus, coins or bank notes must be accepted if offered in payment of a debt.
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