Investor Glossary-legal tenderInvestor Glossary-legal tenderInvestor Glossary-legal tenderInvestor Glossary-legal tenderInsightful stock market charts - Click here
investor
Categories    # A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

Legal Tender

The HTML to link to this page
 

In law, legal tender is payment that by statute must be accepted in payment of a debt. In the US, federal law declares that all US currency coins and notes are legal tender. Even the $1,000 note, which has been withdrawn from circulation for many years, is still considered legal tender. The meaning of legal tender is sometimes misunderstood as obligating a merchant to accept payment in as a form of legal tender. However, a grocer may refuse payment for a pack of gum with a $100 bill, which is legal tender, and a jeweler could refuse to sell a gold ring for payment in pennies, also legal tender. Checks, charge cards, and other payment mechanisms are not legal tender.



Rate this legal tender definition...

Learn about investing with the Investor Glossary Term of the Day


Click here for insightful stock market charts. Where is the market headed? The answer may surprise you. Find out
with the exclusive & Barron's recommended charts of Chart of the Day.


Popular Terms: inflation, EBITDA, average price per share, current ratio, FTSE, 1035 exchange, LIBOR, annual return, deferred revenue, option premium, 401a, command economy, open position, real GDP, implied volatility, in escrow, quality assurance, cancelled check, dividends payable, covered put, stock split, 1031 exchange, class C shares, required rate of return, ex-dividend, limit order, risk management, Zero Cost Collar, reverse mortgage, minority interest, VIX, deferred tax, Key Rate Duration, margin rate, wholly-owned subsidiary, APR, 144a, diluted share, stock market close, FICO score, ex-dividend date, phantom income, per diem, debt service coverage, balance sheet, retained earnings, irrevocable trust, labor relations, liquidity ratio


Accounting | Banking | Bonds | Brokers | Economy | Futures | Mutual Funds | Options | Real Estate | Retirement | Stocks | Taxes | Technical Analysis
Home | Term of the Day | Suggest a Term | Chart of the Day | Dogs of the Dow
©2004-2016 Investor Glossary - All rights reserved - Terms of Use