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WAEC Commerce 2002 Question 18

Question 18

Banking

Which of the following requires acceptance before it can be valid?

  1. A.Promissory note
  2. B.Bill of exchange
  3. C.Letter of credit
  4. D.Cheque
Show the answer and explanation

Answer: B (Bill of exchange)

Explanation

A bill of exchange becomes binding when the drawee accepts it by signing across it.