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Simple English definitions for legal terms
hard money
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A quick definition of hard money:
Hard money is physical money, like coins and bills, that you can hold in your hand. It's different from paper money, which is just a piece of paper that represents value. Hard money is also sometimes used to mean cash, which is money that you can spend right away without needing to use a credit card or check.
A more thorough explanation:
Hard money refers to physical currency, such as coins and bills, that is used as a medium of exchange. It is different from paper currency, which is not backed by a physical commodity like gold or silver.
- A person pays for their groceries with cash from their wallet. This is an example of hard money.
- A business owner receives a payment in the form of a check, which they deposit into their bank account. This is not an example of hard money, as it is not physical currency.
The examples illustrate that hard money is tangible currency that can be used to make purchases or payments. It is a form of money that is widely accepted and recognized as a medium of exchange.