Question

what is a legal tender..



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Answer 1

Answer:

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.

Definition: Legal tender is a legally recognized payment instrument used to fulfill a financial commitment. In other words, it is an economic medium that is accepted by the legal system.

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