JAMB - Commerce (2025 - No. 4)
An open cheque is one
Which can be cashed over the counter
Which has no name
Which has no specific amount written on it
on which the amount is written only in figures
Maelezo
An open cheque is a cheque that is not crossed on the left corner and payable at the counter of the bank. An open cheque may be a
bearer cheque or an order one. It means the bank can pay the cheque amount to the person who presents it, even if he is not the
drawer or the payee.
bearer cheque or an order one. It means the bank can pay the cheque amount to the person who presents it, even if he is not the
drawer or the payee.