Which one of the following statements correctly describes the meaning of legal tender money

Explanation

ALegal tender is any official medium of payment recognized by law that can be used to extinguish a public or private debt, or meet a financial obligation. The national currency is legal tender in practically every country. A creditor is obligated to accept legal tender toward repayment of a debt. Option C: Checques are not legal tenders since they can be refused as a mode of payment settlement by a party.