Legal Tender
/ˈliːɡəl ˈtɛndər/
Definitions
- (n.) Currency that must be accepted if offered in payment of a debt.
The law requires that coins and banknotes designated as legal tender be accepted to settle debts.
Related terms
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Commentary
Legal tender status does not always compel acceptance for all transactions but specifically for debt repayment; the precise scope can vary by jurisdiction.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.