Section 102 of the Coinage Act of 1965 (Title 31 United States Code, Section 392) provides in part: " All coins and currencies of the United States, regardless of when coined or issued, shall be legal tender for all debts, public and private, public charges, taxes, duties and dues." This statute means that you have made a valid and legal offer of payment of your debt when you tender United States currency to your creditor. However, there is no Federal statute which mandates that private businesses must accept cash as a form of payment. Private businesses are free to develop their own policies on whether or not to accept cash unless there is a State law which says otherwise.
A legal tender is a mean of payment (gold, coin, note, etc...) which the laws forces the sellers to accept to settle debt. That is, if you're a banana wholesaler, you can refuse payment in coconuts but you have to accept dollars from a client who want to pay its debts.
All currency issued by a government authority as official money.
An accepted form of payment for a debt.
Any medium of exchange which may legally be offered in exchange for goods or services or in payment of a debt, and which a creditor, seller or service provider must legally accept.
Anything that creditors are required to accept as payment for debts.
A country's currency that must be accepted as payment for a debt.
currency in specified denominations which a creditor is compelled by law to accept as payment of a debt.
something used as an official medium of payment
(COINS) Officially minted gold coins which may be used to purchase goods and services to the total of their face value. Since the value of the gold content greatly exceeds the coin’s face value, this rarely, if ever occurs.
A precise legal term which is often misunderstood. It means a means of payment which a creditor should not refuse in payment of a debt. For most coins and banknotes there is a maximum amount which a creditor or other person is obliged to accept.
The coin or paper currency required by law to be accepted in payment of obligations.... read full article
Money that may be legally offered in payment of an obligation and that a creditor must accept (source: Webster's New World Dictionary)
The coin or currency which the monetary authority of a country declares to be universally acceptable therein as a medium of exchange; acceptable in the discharge of debts.
Any money that is recognized as being lawful for use by a debtor to pay a creditor, who must accept same in the discharge of a debt unless the contract between the parties specifically states that another type of money is to be used.
all currency issued by a governmental authority as official money
coins, dollar bills, or other currency issued by a government as official money.
Any government-authorized coin or paper money that may lawfully be offered in payment of a debt or other obligation.
coin or currency identified by a government to be acceptable in the discharge of debts.
Coins or paper money which are declared by law to be current money and which tradesmen and shopkeepers are obliged to accept in payment for goods or services.
Money that must, by law, be accepted in payment of a known debt. Checks and credit cards are not technically legal tender, and can be refused in instances specifically calling for legal tender payments.
The coin or currency which the national monetary authority declares to be universally acceptable as a medium of exchange; acceptable for instance in the discharge of debts.
coins, paper money, or other currency issued by a government and used as money.
Paper dollars and coins mandated as acceptable means of payment by the government.
All money issued by the government.
This term refers to an attribute of money that results from legislation declaring it to be, as in the case of modern Untied States currency, "legal tender for all debts public and private." Creditors must therefore accept it at face value.
Coins and currency issued by the government as official money that can be used to pay legal debts and obligations.
money that may be offered legally in satisfaction of a money debt and that must be accepted by a creditor to that end when so offered.
Legal tender or forced tender is payment that, by law, cannot be refused in settlement of a debt denominated in the same currency.