a) A cheque must be in writing and duly signed by the drawer.
b) It contains an unconditional order.
c) It is issued on a specified banker only.
d) The amount specified is always certain and must be clearly mentioned both in
figures and words.
e) The payee is always certain.
f) It is always payable on demand.
g) Must bear a date otherwise it is invalid and shall not be honoured by the bank.
NatalieR answered the question on February 15, 2022 at 01:22
- Write short note on Types of Negotiable Instruments.(Solved)
Write short note on Types of Negotiable Instruments.
Date posted: February 15, 2022. Answers (1)
- Why are references required when opening an account?(Solved)
Why are references required when opening an account?
Date posted: February 15, 2022. Answers (1)
- Distinguish between a gratuitous bailee and a bailee for reward. (Solved)
Distinguish between a gratuitous bailee and a bailee for reward.
Date posted: February 15, 2022. Answers (1)
- List circumstance where a banker must cease to honor customers cheque on presentation(Solved)
List circumstance where a banker must cease to honor customers cheque on presentation.
Date posted: February 15, 2022. Answers (1)
- The creation of bailor/bailee relationship arises where a person called the bailee is given
control of the property of another person called bailor for a specific...(Solved)
The creation of bailor/bailee relationship arises where a person called the bailee is given
control of the property of another person called bailor for a specific purpose e.g., where a
customer of a bank deposits valuables in safe custody with the intention that on request
they will be returned to him/her. However, whether a banker is a bailee for reward or for free he/she must take the highest standard of care expected from person undertaking business of banking. Briefly explain the Liability attaching to bailee.
Date posted: February 15, 2022. Answers (1)
- Discuss Bank’s procedure on receipt of order or summons from high court.(Hint: Summon is also known as garnishee order)(Solved)
Discuss Bank’s procedure on receipt of order or summons from high court.(Hint: Summon is also known as garnishee order)
Date posted: February 15, 2022. Answers (1)
- In which ways may revocation/determination occur in the Power of attorney?(Solved)
In which ways may revocation/determination occur in the Power of attorney?
Date posted: February 15, 2022. Answers (1)
- Identify forms of Power of Attorney(Solved)
Identify forms of Power of Attorney
Date posted: February 15, 2022. Answers (1)
- Highlight circumstances for termination of the bank's authority to pay(Solved)
Highlight circumstances for termination of the bank's authority to pay
Date posted: February 14, 2022. Answers (1)
- Highlight the particulars required in opening and Conducting Bank accounts(Solved)
Highlight the particulars required in opening and Conducting Bank accounts
Date posted: February 14, 2022. Answers (1)
- Define the term Power of Attorney(Solved)
Define the term Power of Attorney
Date posted: February 14, 2022. Answers (1)
- Explain the term Garnishee Order(Solved)
Explain the term Garnishee Order
Date posted: February 14, 2022. Answers (1)
- “The duty of secrecy is not absolute but qualified.” Comment(Solved)
“The duty of secrecy is not absolute but qualified.” Comment
Date posted: February 14, 2022. Answers (1)
- Highlight the accounts that may be set off and when the right to set off arise(Solved)
Highlight the accounts that may be set off and when the right to set off arise.
Date posted: February 14, 2022. Answers (1)
- Outline circumstances Under which the bank can lift the veil of secrecy(Solved)
Outline circumstances Under which the bank can lift the veil of secrecy
Date posted: February 14, 2022. Answers (1)
- Elaborate the rights and duties of a banker to its customers .(Solved)
Elaborate the rights and duties of a banker to its customers.
Date posted: February 14, 2022. Answers (1)
- Highlight circumstances under which the bank act's as an agent to its customers(creditor).(Solved)
Highlight circumstances under which the bank act's as an agent to its customers(creditor).
Date posted: February 14, 2022. Answers (1)