Chemistry in Life Research Paper Example | Topics and Well Written Essays - 3500 words

Chemistry in Life - Research Paper Exampleto consider is that all leaps of money are collectively called as currency, which in turn refers to all the money coins and banknotes which are generally accepted and in wide use in the rustic to which it pertains. The currency of a solid ground is its so-called legal tender that in turn implies the medium of hire recognized by the countrys legal system. Implication in a country having a legal tender mode it is valid for meeting a financial obligation. In other words, a creditor ( loaner) is obligated to accept all payment made in legal tender towards the repayment of a debt owed by a debtor (borrower). A good but short guinea pig is when someone pays in the Statesn dollars then the lender cannot refuse to accept such payment since a dollar is the legal tender in America (although some states accept gold or silver coins as payment). If the borrower intends to pay in kind (like mineral ores or cocaine or cattle or something else), a c reditor can refuse such payment since it is not considered as legal tender and can be refused to be accepted to extinguish a debt, financial obligation or some other consideration.However, before coinage was invented, barter was used which is just a simple kind of exchange for one type of goods for another type of goods or resources. An example will be a person wants to buy a loaf of bread but absentminded any money, he pays for it with a live chicken depending on their agreed value of exchange (there must(prenominal) be some semblance of parity). Most historians are generally agreed that coins were invented at around 700 B.C.E. (before accepted era) independently in Lydia (now a part of modern-day Turkey), in India, and in China. Barter is a form of direct exchange by which goods and services were exchanged for another set of goods and services without the benefit of development a medium of exchange (currency). Barter has a set of inherent problems such as the hassle in deter mining the exact or accurate value of an intended exchange between deuce kinds of