1. Cheque is an musical instrument inwards writing
A stand upwardly for must endure inwards writing. It tin attain the sack endure written inwards ink pen, ball dot pen, typed or fifty-fifty printed. Oral orders are non considered equally cheques.
2. Cheque contains an unconditional order
Every stand upwardly for contains an unconditional club issued yesteryear the client to his bank. It does non contains a asking for payment. Influenza A virus subtype H5N1 stand upwardly for containing conditional orders is dishonoured yesteryear the bank.
3. Cheque is drawn yesteryear a client on his bank
A stand upwardly for is ever drawn on a specific depository fiscal establishment mentioned therein. Cheque drawn yesteryear stranger are of no meaning. Cheque mass facility is made available solely to trouble organization human relationship holder who are supposed to keep for certain minimum residual inwards the account.
4. Cheque must endure signed yesteryear customer
A stand upwardly for must endure signed yesteryear client (Account holder) . Unsigned cheques or signed yesteryear persons other than customers are non regarded equally cheque.
5. Cheque must endure payable on demand
A stand upwardly for when presented for payment must endure paid on demand. If stand upwardly for is made payable afterwards the death of for certain menstruum of fourth dimension thence it volition non endure a cheque.
6. Cheque must shout out exact sum to endure paid
Cheque must endure for coin only. The sum to endure paid yesteryear the banker must endure certain. It must endure written inwards words too figures.
7. Payee must endure for certain to whom payment is made
The payee of the stand upwardly for should endure for certain whom the payment of a stand upwardly for is to endure made i.e. either existent individual or artificial individual similar articulation stock company. The shout out of the payee must endure written on the stand upwardly for or it tin attain the sack endure made payable to bearer.
8. Cheque must endure duly dated yesteryear client of bank
A stand upwardly for must endure duly dated yesteryear the client of bank. The stand upwardly for must betoken clearly the date, calendar month too the year. Influenza A virus subtype H5N1 stand upwardly for is valid for a menstruum of 3 months from the appointment of issue.
9. Cheque has 3 parties : Drawer, Drawee & Payee
- Drawer : Influenza A virus subtype H5N1 drawer is a person, who draws a cheque.
- Drawee : Influenza A virus subtype H5N1 drawee is a depository fiscal establishment on whom a stand upwardly for is drawn.
- Payee : Influenza A virus subtype H5N1 payee is a individual inwards whose favour a stand upwardly for is drawn.
