9:32
[kevin oleary]
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LSDefine
Simple English definitions for legal terms
banknote
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A quick definition of banknote:
A banknote is a piece of paper that a bank gives you, and you can use it to buy things. It's like a promise from the bank that they will give you the money if you ask for it. You can use it like money, but it's not the same as real money. Sometimes people make fake banknotes, which are called spurious banknotes. These are not real and can get you in trouble if you try to use them.
A more thorough explanation:
A banknote is a type of promissory note issued by a bank that can be exchanged for money. It is payable to the bearer on demand and can be used as a form of currency.
- A $20 bill issued by the Bank of Canada is an example of a banknote.
- A counterfeit $100 bill that is made to look like a genuine banknote is an example of a spurious banknote.
The first example illustrates a legitimate banknote that is issued by a recognized authority and can be used as a form of payment. The second example illustrates a spurious banknote that is not genuine and is used to deceive people into accepting it as real currency.