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Sealy and Hooley's Commercial LawText, Cases, and Materials

Sealy and Hooley's Commercial Law: Text, Cases, and Materials (6th edn)

David Fox, Roderick Munday, Baris Soyer, Andrew Tettenborn, and Peter Turner
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date: 09 August 2022

p. 67520. Cheques and miscellaneous payment instrumentslocked

p. 67520. Cheques and miscellaneous payment instrumentslocked

  • D Fox, D FoxProfessor of Common Law, University of Edinburgh
  • RJC Munday, RJC MundayReader Emeritus in Law, University of Cambridge
  • B Soyer, B SoyerProfessor of Commercial and Maritime Law, Institute of International Shipping and Trade Law, Swansea University
  • AM TettenbornAM TettenbornChair in Law, Swansea University
  •  and PG TurnerPG TurnerVisiting Senior Fellow of the Melbourne Law School

Abstract

This chapter focuses on the use of cheques and similar instruments as a mode of payment in commercial transactions, and discusses the relation between them and bills of exchange (of which they are a specialised type). Cheques are intended as instruments which will immediately be paid, whereas bills of exchange are typically drawn payable at a future date and used as a credit instrument. Unlike bills of exchange, cheques are not, and are not intended to be, accepted by the bank on which they are drawn. This chapter first explains what a cheque is, and discusses the likely future of the institution, before discussing promissory notes, banker’s drafts, and travellers’ cheques.

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