Which of the following means of payment requires acceptance by the debtor to make it...
COMMERCE
WAEC 2021
Which of the following means of payment requires acceptance by the debtor to make it valuable?
- A. Bearer's cheque
- B. Bill of exchange
- C. Postal order
- D. Promissory note
Correct Answer: B. Bill of exchange
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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