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Legal Tender |
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Legal Tender Anything that a jurisdiction has declared to be money. Historically, legal tender currency has been based on something like gold or silver; however, most money is now fiat money. That is, fiat money is that which has been declared to be legal tender by a government and would not be regarded as such without government backing. Legal tender may be used to pay a debt. In general, a merchant who does not accept legal tender currency has the debt canceled; that is, one is required to accept the legal tender or nothing at all. Want to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit the webmaster's page for free fun content. |
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