noun a medium of payment recognized by a legal system
adjective related to or recognized by the law
Legal tender laws dictate the types of currency that must be accepted as payment for goods and services, and regulate the use of money within a country.
Legal tender refers to currency that is recognized by a government as valid for payment of debts and must be accepted by creditors.
Legal tender plays a key role in commercial transactions, ensuring that payments are made in an accepted form of currency.
Legal tender is crucial in the economy as it ensures the smooth flow of transactions and facilitates trade.
Banks are required to accept legal tender deposits and provide services using the recognized currency of the country.
Legal tender is important in international trade agreements, where currencies are exchanged for goods and services across borders.
Legal tender laws are set by governments to regulate the use of currency and maintain stability in financial transactions.
Legal tender is often referenced in crime novels when discussing ransom payments or bribes.
Legal tender may come up in discussions with clients who are dealing with financial stress or legal issues.
Accountants need to be aware of legal tender laws when handling cash transactions for their clients.
Lawyers may need to consider legal tender laws when advising clients on payment methods or financial settlements.
Bankers deal with legal tender on a daily basis, ensuring that all transactions comply with regulations.