Asked by
Ravindra Muramkar
on Nov 23, 2024
Verified
Magda purchased some new clothes at a clothing store and gave the salesclerk a cheque for the price of the goods as payment. The cheque is only conditional payment and remains so until the cheque is honoured by Magda's bank.
Conditional Payment
Payment that is promised or executed upon the fulfillment of certain conditions or outcomes, rather than being guaranteed unconditionally.
- Understand the impact of certified cheques on the interactions between the drawer and the payee.
Verified Answer
AA
Learning Objectives
- Understand the impact of certified cheques on the interactions between the drawer and the payee.