• A cheque is a bill of exchange, drawn on a banker payable on demand.
• Cheques may be classified as:
o Bear and order
o Open and crossed
o Bearer: this is a cheque payable to the holder.
o Order: this is a cheque payable to the order of a specified person.
o Open: this is a cheque whose proceeds are payable to the payee across the counter.
o Crossed: this is a cheque which contains two parallel transverse lines on its face. Acheque may be crossed generally or specially.