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WAEC Commerce 1999 Question 26

Question 26

Money

Notes and coins are legal tender because they are

  1. A.printed by the Central Bank
  2. B.backed by law
  3. C.backed by gold
  4. D.issued by all banks
Show the answer and explanation

Answer: B (backed by law)

Explanation

The law requires notes and coins to be accepted in settlement of debts.