WAEC - Commerce (2021 - No. 27)
Which of the following means of payment requires acceptance by the debtor to make it valuable?
Bearer's cheque
Bill of exchange
Postal order
Promissory note
Magyarázat
A bill of exchange is of real use if it is accepted by the person directed to pay the amount. For example, if Mr. X orders Mr. Y to pay N10,000 for 90 days after the date and Y accepts this order by signing his name, then it will be a bill of exchange.