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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.

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  1. N

    My mother bought a house using her money. Her ex partner is on the title. He has paid no money towards the house in over Ten years.

    My mother bought a house using her money. Her ex partner is on the title. He broke up with her over Ten years ago and has paid no money towards the house in over Ten years. How do we remove him from the title?
  2. M

    Money stolen from deceased bank account.

    Hi there, What charges can a person face for taking money from a bank account after the person is deceased. $2000 was stolen from my father in law's bank account 2 days after he died from a woman (whom the supreme court ruled was not legally his defacto partner). Would this be a fraud charge...
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    QLD Inheritance Money

    I have been given some money from my late mother in the uk i need to get this paid into my brokers account so i can exchange it into aus dollars.This account is not in my name and the Solicitor has said that she will not pay it into that account because of money laundering .Seems strange as she...
  4. A

    NSW Client is not paying money

    I am from India and one of my clients from Australia is not paying me my money for more than 2 years. He always makes a promise but never pays. How I can handle this case?
  5. B

    Holding Funds for a Associate

    When someone asks you to hold on to some money for them but hasnt contacted you about collecting it back how long do you hold onto the funds until you can claim the money as your own or can you claim the money as your own?
  6. A

    VIC Loss of Future Earnings - 40% decrease criteria satisfied

    Any answers & thoughts would be appreciated... Scenario: 1. Injury caused a permanent decrease in potential earning capacity greater than 40% 2. 98C IB claim lodged 3. IB Assessment determines 30% permanent impairment Agent fails to issue Notice of Impairment. Time allowed has expired. Claim...
  7. T

    NSW Prenuptial agreements

    My wife made me sign a prenup ten years ago now she has left with no reason wat so ever she has over 30 million dollars I just want to know if I am entitled to some of that money or if I can challenge the prenup she has two homes and she was staying with me rent free in a housing commission...
  8. R

    NSW Defective car purchased from private seller.

    Last Saturday (25/01) I bought a car from a private seller. The ad said that the car was in perfect condition, had all the logbooks and there was no issue with it. I went to the seller's house (which she said was selling the car on behalf of her sister who was traveling abroad, but the vehicle...
  9. U

    NSW Obtaining my deceased mother's financial details

    Not sure if this is the right forum My Late mother's estate has settled I have valid reasons to believe my siblings who were the executors and had POA stole money from my mother before she died. We are estranged (surprise surprise) I want to see my mother's bank statements, credit card...
  10. N

    Loaning money to family member

    Hello, I have a family member requesting to loan $30k from me and requires it within the next week for legitimate reasons. I am willing to do so but want to protect my loan. Is it sufficient to draw up an agreement and have us both as signatories, witnessed by a notary? Thanks