Explain the features and function of …
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Yogita Ingle 5 years, 4 months ago
1. It must be in writing: A cheque must be in writing. An oral order to pay does not constitute a cheque.
2. It should be drawn on banker: It is always drawn on a specified banker. A cheque can be drawn on a bank where the drawer has an account, saving bank, or current.
3. It contains an unconditional order to pay: A cheque cannot be drawn so as to be payable conditionally. The drawer’s order to the drawee bank must be unconditional and should not make the cheque payable dependent on a contingency. A conditional cheque shall be invalid.
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