What constitutes ‘legal tender’?

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What constitutes ‘legal tender’?

Asked on April 22, 2017 under Business Law, Alaska

Answers:

M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney

Answered 6 years ago | Contributor

Legal tender is any official method of payment that is legally recognized and that can be used to extinguish debt (public or private) or otherwise meet a financial obligation. The national currency is legal tender in practically every country. For example, in the U.S. a $10 bill, a quarter, etc. is legal tender.


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