Definition, Meaning & Synonyms
legal-tender
noun
ˈliːɡəl ˈtɛndər
Definition
Legal tender refers to any official medium of payment that must be accepted if offered in payment of a debt.
Examples
- In the United States, the dollar is the legal tender for all debts, public and private.
- Some countries issue coins and banknotes as legal tender, ensuring they can be used to settle transactions.
Meaning
It is the currency that is recognized by law for the settlement of public and private debts.
Synonyms
- Currency
- Money
- Medium of exchange
