GLOSSARY
Money definition
What does Money mean?
Money may be defined as a medium of exchange and is generally accepted in the final discharge of debts and the payment of goods and services.
The law recognises various meanings of money including (1) it serves as a common standard of value to which the values of different commodities may be defined; (2) as a unit of account for debts and liabilities; and (3) as purchasing power or store of value. The term 'money' refers to banknotes and coins as legal tender, and may also refer to not only to actual cash but also a right to receive cash as in a credit of a bank account or that which is invested in securities.
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