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Which of the following is a legal tender?

Economics
WAEC 2010

Which of the following is a legal tender?

  • A. bank notes
  • B. bank overdrafts
  • C. bills of exchange
  • D. money order
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Correct Answer: Option A
Explanation

Legal tender is the valid money used for payment of the debt and also recognised by the law of the land.  It is a negotiable promissory note which one party can use to pay another party a specific amount of money.

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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts