HopefullyInLawSchool
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LSDefine
Simple English definitions for legal terms
lawful money
Read a random definition: Child Protective Services
A quick definition of lawful money:
LAWFUL MONEY: Lawful money is the type of money that the government says is okay to use to pay for things. It can be coins or paper bills that we use to buy things we need or want. It's different from other types of money that might be stored on a computer or traded like a commodity. Lawful money is what we use to pay our debts and buy things we need.
A more thorough explanation:
Lawful money refers to the currency that is authorized or adopted by a government as part of its official currency. It is the money that is recognized as legal tender for the payment of debts.
- Coins and paper currency issued by the government
- Demand deposits that can be easily converted to cash
- Investment capital that is traded as a commodity in the money market
These examples illustrate how lawful money can take different forms, including physical currency and digital assets that can be easily converted to cash. They are recognized as legal tender and can be used to pay off debts and obligations.