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
Explanation
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.
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