What is the meaning of legal tender money?
Legal tender is anything recognized by law as a means to settle a public or private debt or meet a financial obligation, including tax payments, contracts, and legal fines or damages. The national currency is legal tender in practically every country.
What is the legal definition of legal tender?
Legal Tender refers to all U.S. coins and currency that issued by the government. U.S. Cash dollars are also a valid form of legal tender. Each jurisdiction can define its specific limits of what is legal tender but generally it is anything when offered (tendered) and accepted in order to pay off the debt.
What is another term for legal tender money?
What is another word for legal tender?
| money | cash |
|---|---|
| tender | chips |
| dough | loot |
| gold | needful |
| shekels | sheqels |
Why is money referred to as a legal tender?
History tells us that ancient humans used salt and spices as currency. But ‘Legal tender’ is the money that is recognised by the law of the land, as valid for payment of debt. It must be accepted for discharge of debt. Currency notes are unlimited legal tender and can be offered as payment for dues of any size.
What is legal tender money example?
‘Legal tender’ is the valid money used for payment of the debt and also recognised by the law of the land. In India, while the coins are limited legal tender, the currency notes are unlimited legal tender. Accordingly, 50 paise coins can be used as the legal tender for dues up to Rs 10.
What is tender of payment?
Tender of payment in the Civil Code is treated as subtitle in the section on Payment as a mode of extinguishing obligations. — Under a statute in some jurisdictions an obligation for the payment of money is extinguished by a due offer of payment, if the amount is immediately deposited in accordance with the statute.
Which of the following is legal tender money?
United States coins and currency (including Federal reserve notes and circulating notes of Federal reserve banks and national banks) are legal tender for all debts, public charges, taxes and dues. Foreign gold or silver coins are not legal tender for debts.
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