Question

Write the most appropriate word or phrase which can substitute each of the following:
A cheque in which the word 'order' is retained and word 'bearer' is cancelled.

Answer 1

A cheque in which the word 'order' is retained and word 'bearer' is cancelled is known as order cheque. An order cheque can be defined as a type pf cheque which is payable to a particular person. The payee can transfer an order cheque to someone else by signing his or her name on the back of it.