Leveraging my experience in account operations at Stanbic Bank Ghana, cheques and bills are regulated under the Bills of Exchange Act, 1961 (Act 55), with cheques integral to daily banking despite e-payments rise per Act 987.

a. Five Differences Between a Cheque and a Bill of Exchange (10 marks):

• Drawer/Drawee: Cheque drawer and drawee are always on the same bank; bill can involve different parties.
• Payment Timing: Cheque is payable on demand; bill can be at sight or after date.
• Grace Period: No grace days for cheques; bills have three days of grace.
• Crossing: Cheques can be crossed for security; bills typically not.
• Notice of Dishonor: Not required for cheques; mandatory for bills to hold endorsers liable.

b. Definition of Cheque and Difference from Payment Order (4 marks): A cheque is a bill of exchange drawn on a banker payable on demand, per Act 55. Unlike a payment order (bank instruction for transfer), a cheque is negotiable and can be endorsed, while payment orders are non-negotiable direct debits.

c. Three Instances When a Cheque is Payable to Bearer (6 marks):

• When expressly made payable to bearer.
• When last endorsement is in blank, making it bearer.
• When payee is fictitious or non-existent, treating it as bearer per Act 55.