TeachMeFinance.com - explain Legal Tender
legal tender -- the coin or paper currency required by law to be accepted in payment of obligations.
Legal Tender -- Any money that is recognized as being lawful for use by a debtor to pay a creditor, who must accept same in the discharge of a debt unless the contract between the parties specifically states that another type of money is to be used. It is that money which is lawful for the payment of all debts, public and private, public charges, taxes, duties and dues.
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