Asked by Samantha Cieless on Jun 13, 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 acceptance of the cheque by the salesclerk constitutes payment of the debt in full.
Conditional Payment
A payment required under a contract only after specific conditions have been met or fulfilled.
- Acquire an understanding of how certified cheques influence the connection between the drawer and their payee.
Verified Answer
MT
Monica ToscanoJun 17, 2024
Final Answer :
False
Explanation :
Acceptance of a cheque is considered conditional payment until the cheque is successfully cleared and the funds are transferred from the payer's account to the payee's account.
Learning Objectives
- Acquire an understanding of how certified cheques influence the connection between the drawer and their payee.