A cheque dated 30th July, 2004 but presented for payment on 28th February, 2005 is

Assessment: WAEC SSCE - Commerce - 2008 (Objective) Subject: Commerce

Question 1 Report

A cheque dated 30th July, 2004 but presented for payment on 28th February, 2005 is
Answer Details
A cheque dated 30th July, 2004 but presented for payment on 28th February, 2005 is a "stale" cheque. A cheque has an expiry date, beyond which it becomes "stale". The expiry date is usually six months from the date of the cheque. In this case, the cheque was presented for payment after the expiry date, which means it is no longer valid for payment.
Read lesson note on Trade (WAEC)
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