ECONOMICS
MONEY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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When the law says you must pay people with this in payment of anything
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When the law requires it be accepted in payment of debt
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When the law requires you to tend you money carefully while out and about
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When the law says you cant eat your moey like a chicken tender
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Detailed explanation-1: -Legal tender means banknotes and coins which are offered in payment of debts and which must be accepted. You can read about the RBI – Know More About Reserve Bank of India in the given link.
Detailed explanation-2: -Legal Tender refers to all U.S. coins and currency that issued by the government. U.S. Cash dollars are also a valid form of legal tender. Nonetheless, federal statutes do not require a seller to accept cash as a form of legal tender for payment of goods or services that were rendered.
Detailed explanation-3: -Legal tender is anything recognized by law as a means to settle a public or private debt or meet a financial obligation, including tax payments, contracts, and legal fines or damages. The national currency is legal tender in practically every country.
Detailed explanation-4: -It is defined as such because it states that “this note is legal tender for all debts, public and private, ” indicating a promise for the government and private citizens to accept and honor the note as legal tender.