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Legal tender

February 3, 2021

Money that is legally valid for the payment of debts and must be accepted for
that purpose when offered. Each jurisdiction determines what is legal tender, but
essentially it is anything which when offered (“tendered”) in payment of a debt

extinguishes the debt. There is no obligation on the creditor to accept the ten-
dered payment, but the act of tendering the payment in legal tender discharges

the debt.