Which of the following statements about checks is true?

The statement that checks are not considered legal tender is true because checks themselves are essentially promises to pay rather than a guaranteed method of payment like cash or legal tender. Legal tender refers to currency that must be accepted if offered in payment of a debt. While checks are widely used for transactions and can facilitate the transfer of funds, they do not hold intrinsic value like cash; instead, they rely on the fact that the bank will honor them for the payment amount when presented.

This distinction is important for understanding the limitations and roles of different types of payment methods in financial transactions. Checks require a banking process for clearance, as opposed to cash, which is instantly available and does not depend on further action for payment validation. Therefore, checks are not considered legal tender.