Representative

money. Representative money is anything promising to pay money which circulates as a medium of exchange. It is usually made of paper, but sometimes of a cheap metal. In the case of paper money the promise to pay is printed on it; in the case of metal money the promise to pay is expre ed in the laws. ° Repudiation. The rejection, in whole or in part, of a contract, debt or obligation. The term applies in particular to the rejection or mandatory scaling of its debt by a government., The word repudiation as applied to the rejection of a debt by a state was first used in 1841 when the state of Mi i ippi repudiated bonds i ued to railroad companies which failed to comply with conditions on which they received them.