What is a cheque? Mention the main element of a cheque.

A cheque is a bill of exchange that is drawn on a specific banker, and it is not payable unless on demand.

The main elements of cheques are

a. It contains the name of the bank.

b. The payee is the person to whom the cheque is made.

c. Date of the cheque must be the current date.

d. The amount must be mentioned in words on the cheque.

e. they are drawn on a banker and are payable on demand.

f. The Cheques can be payable either to the drawer himself or to a bearer on demand. So, there might be two or more parties to a cheque depending on the situation.