Asked by James O'Connor on Jun 03, 2024
Verified
Stores need not accept your check but must accept currency because:
A) currency is backed by gold.
B) checks are not money but currency is.
C) currency is legal tender,but checks are not.
D) currency is easier to handle.
E) currency is a medium of exchange,but checks are not.
Legal Tender
Currency that must be accepted if offered in payment of a debt in the jurisdiction in which the debt is being paid.
Currency
A system of money in general use in a particular country or economic context.
- Understand the concept of legal tender and its implications for transactions.
Verified Answer
KD
Kiran DhaliwalJun 06, 2024
Final Answer :
C
Explanation :
Currency is considered legal tender, which means it is a valid form of payment. This is not the case with checks, which are simply a promise to pay and can be refused by a store or business.
Learning Objectives
- Understand the concept of legal tender and its implications for transactions.
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