The term legal tender refers to?

Assessment: WAEC SSCE - Commerce - 2002 (Objective) Subject: Commerce

Question 1 Report

The term legal tender refers to?
Answer Details
Legal tender refers to the form of currency that is recognized by law as valid for settling debts and transactions within a country. It is the medium of exchange that is accepted as payment for goods and services in a particular jurisdiction. This means that it is a legally recognized and accepted form of payment for any transaction, and it cannot be refused as payment for any outstanding debt. In most countries, legal tender is made up of coins and banknotes issued by the central bank of that country, and they carry a nominal value that is recognized by law. Therefore, the correct option is (b) coins and bank notes.
Read lesson note on Money (JAMB)
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