A cheque made payable to a named person is?

Assessment: WAEC SSCE - Commerce - 2015 (Objective) Subject: Commerce

Question 1 Report

A cheque made payable to a named person is?

Answer Details
A cheque made payable to a named person is an order cheque. An order cheque is a type of cheque that can only be paid to the person named on the cheque or to someone they have endorsed the cheque over to. This is different from a bearer cheque which can be paid to anyone who presents it to the bank. An order cheque can be crossed or uncrossed, and can also be post-dated, meaning it can only be cashed or deposited after a certain date.
Read lesson note on Purchase And Sale Of Goods (JAMB)
Read lesson note on Commerce (JAMB)
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