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The correct answer to the question is "Legal Tender." Legal tender refers to money that must, by law, be accepted for payment of public or private debts. It is the officially recognized currency within a country that individuals and businesses are required to accept as a means of settling a debt.
Here are some key points to help you understand legal tender:
1. Legal tender status is typically granted by a government or central authority, ensuring that the currency is universally accepted for transactions.
2. Legal tender laws vary by country and can specify which forms of currency must be accepted as payment.
3. For example, in the United States, the U.S. dollar is designated as legal tender, meaning that creditors are legally obligated to accept it for debts unless a specific agreement states otherwise.
In summary, legal tender is the form of money that must be accepted for payments under the law.
