Question on: JAMB Commerce - 2012
Which of the following is a characteristic of a bearer cheque
A
it is made with transverse lines
B
it is made payable to whoever presents it
C
it is made without transverse lines
D
it is only payable into the payees account
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Correct Option: B
A bearer cheque is a type of cheque that is payable to whoever possesses it, hence the name "bearer." The bank will pay the amount to the person who presents the cheque for payment.
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