Australia's #1 for Law
Join 150,000 Australians every month. Ask a question, respond to a question and better understand the law today!
FREE - Join Now
Money is any item or verifiable record that is generally accepted as payment for goods and services and repayment of debts, such as taxes, in a particular country or socio-economic context. The main functions of money are distinguished as: a medium of exchange, a unit of account, a store of value and sometimes, a standard of deferred payment. Any item or verifiable record that fulfils these functions can be considered as money.
Money is historically an emergent market phenomenon establishing a commodity money, but nearly all contemporary money systems are based on fiat money. Fiat money, like any check or note of debt, is without use value as a physical commodity. It derives its value by being declared by a government to be legal tender; that is, it must be accepted as a form of payment within the boundaries of the country, for "all debts, public and private". Counterfeit money can cause good money to lose its value.
The money supply of a country consists of currency (banknotes and coins) and, depending on the particular definition used, one or more types of bank money (the balances held in checking accounts, savings accounts, and other types of bank accounts). Bank money, which consists only of records (mostly computerized in modern banking), forms by far the largest part of broad money in developed countries.

View More On
  1. Murray Kurb

    NSW I sold a car to a 17 year old, over a year ago (March 2023) now they're demanding their money back because the car is a write off.

    I sold a car to a 17 year old, over a year ago (March 2023) now they've just come back to me and said that the car I sold them is a write off and I got a fraudulent blue slip and the car hadn't passed a blue slip inspection. They're now claiming that I knew and sold them this car and promised it...
  2. ksivasub

    VIC Business offering money if I withdraw the complaints raised against them with government bodies. What does it mean ?

    Hello everyone, A real estate business owes me a significant amount $150k. Recently, their real estate agent approached me to withdraw my complaints filed against them with government bodies. In return, the real estate business proposes to pay me a smaller amount of $50k. Upon successful...
  3. A

    VIC Sold car privately, buyer trying to get money for repairs

    I recently sold a car privately. Buyer sent a letter from a lawyer saying that I mislead him by not disclosing issues the car has when asked. That I removed receipts and service history from car for mobile inspection in order to hide knowledge of issue. He says car needs new transmission and...
  4. A

    VIC laws around 'gifts of money'

    I was offered a "gift of money" from my mother, which I didn't ask for and haven't taken, of 120,000. With this offer came a A4 sized letter, signed and dated, stating it was from a law firm, without a letterhead, in legaleze that made no sense, with a long long list of stipulations that had to...
  5. B

    NSW No money to live on short term

    I have absolutely no money to pay for food or anything until we are living separately Separated but living together and about to sell family home. Might take months. I’m a mother of 3 children age 1,9,11. Husband for 3 months takes all salary and puts into his own private “moving out” account...
  6. L

    Refusing to communicate about lost money

    I need some assistance in understanding my rights. If anyone can advise me I would be very grateful. My boyfriend of five years asked me to purchase tickets for him to travel from the UK to Australia to visit me, as I am currently very sick. Despite not having much money, I did this via the only...
  7. S

    NSW Taking money out from a Solicitor Trust Account after the property was sold

    Can my ex-wife (living with our kid) take the money out from the trust account without my consent, for their living expense? This is my ex-wife's solicitor's trust account, which keeps the money received from the sales of our joint property. We were divorced but have not started the property...
  8. A

    NSW Harveynorman refunded extra money by mistake

    I bought a fridge from harveynorman, when I received it i noticed there aresome scratches on the back, i notified them immediately and they agreed to pay me $250 as damage allowance but when I went there the counter paid me $2099 by mistake. They have now threatened me to return the money back...
  9. J

    QLD Age to inherit in will.

    Can you state a certain age for a beneficiary to receive money from a will for 1 child and not state the same age for the other without explanation in will? My children's grand mother states age 25 for my daughter and 30 for my son. She does not state the reason why. Can we challege this? I...
  10. T

    NSW How to prove at NCAT money hasn't been refunded to strata?

    Basically an owner did some renovations which needed a bylaw as it affected some common property. The owners corporation preferred to use its own contractor for the common property part of the work and the bylaw says the owner is to refund the owner corporation. No problem so far. The problem is...