Concept:Money is generally accepted for transactions mainly because the law gives it legal backing as a medium of exchange.Explanation:This status is known as legal tender.Legal tender is any official medium of payment recognised by law.It can be used to settle public or private debts and meet financial obligations.The law compels all citizens and businesses to accept the currency for payments.This legal backing gives money its general acceptability within a country.Therefore, the acceptability of money does not depend on the global market or the governor's signature alone.Answer:C. The legal backing