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California and Oregon defied the Legal Tender Act. Gold was more available on the West Coast, and merchants in those states did not want to accept U.S. Notes at face value. They blacklisted people who tried to use them at face value. California banks would not accept greenbacks for deposit, and the state would not accept them for payment of taxes.
The value of Legal Tender Greenbacks swung wildly but trading was from 85 to 33 cents on the gold dollar. [citation needed] This resulted in a situation in which the greenback "Legal Tender" notes of 1862 were fiat, and so gold and silver were held, and paper circulated at a discount because of Gresham's law. The 1861 Demand Notes were a huge ...
The alternative to a commodity money system is fiat money which is defined by a central bank and government law as legal tender even if it has no intrinsic value. Originally fiat money was paper currency or base metal coinage, but in modern economies it mainly exists as data such as bank balances and records of credit or debit card purchases, [3] and the fraction that exists as notes and coins ...
Fiat money is a type of government issued currency that is not backed by a precious metal, such as gold or silver, nor by any other tangible asset or commodity. Fiat currency is typically designated by the issuing government to be legal tender , and is authorized by government regulation.
The California Code of Civil Procedure (abbreviated to Code Civ. Proc. in the California Style Manual [a] or just CCP in treatises and other less formal contexts) is a California code enacted by the California State Legislature in March 1872 as the general codification of the law of civil procedure in the U.S. state of California, along with the three other original Codes.
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Bernard Witkin's Summary of California Law, a legal treatise popular with California judges and lawyers. The Constitution of California is the foremost source of state law. Legislation is enacted within the California Statutes, which in turn have been codified into the 29 California Codes.
For example, as enacted in California, the Civil Code contains a definition of consideration, [4] a principle in the common law of contracts which has no direct equivalent in civil law systems. Similarly, it codifies the mailbox rule that communication of acceptance is effective when dropped in the mail, [ 5 ] [ 6 ] which is a feature unique to ...