A cheque is a bill of exchange, drawn on a banker payable on demand.
Cheques may be classified as:
(i) Bear and order.
(ii) Open and crossed.
(iii) Bearer: this is a cheque payable to the holder.
(iv) Order: this is a cheque payable to the order of a specified person.
(v) Open: this is a cheque whose proceeds are payable to the payee across the counter.
(vi) Crossed: this is a cheque which contains two parallel transverse lines on its face.
A cheque may be crossed generally or specially.
maurice.mutuku answered the question on May 2, 2018 at 11:49
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