Get premium membership and access questions with answers, video lessons as well as revision papers.

Discuss the types / classification of cheques.

      

Discuss the types / classification of cheques.

  

Answers


sharon
1. Bearer cheque: This is a cheque whose proceeds are payable to the holder.
2. Order Cheque: This is a cheque whose proceeds are payable to specified person or his
order. Whereas a bearer cheque is negotiable by delivery an order cheque is negotiable by
endorsement or delivery.
3. Open Cheque: This is a cheque whose proceeds are payable across the counter.
4. Crossed Cheque: Is a cheque that contains two parallel transverse lines on its face with or
without account. A crossing is an instruction to the banker not to pay the proceeds across the
counter.

sharon kalunda answered the question on April 12, 2019 at 13:47


Next: How does a cheque differ from a bill of exchange.
Previous: Explain the duties of a customer to a banker in relation to the negotiable instrument.

View More CPA Commercial Law Questions and Answers | Return to Questions Index


Learn High School English on YouTube

Related Questions