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Which of the following means of payment requires acceptance by the debtor to make it valuable? 

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
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Correct Answer: Option B
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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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
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Your School's Whatsapp Group - Join Us now
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
WAEC and NECO CBT App for Mobile Devices - Candidates, Schools, Centres, Resellers - 100% Offline -Download Now