i. Bearer Cheque: A cheque payable to the person who holds or presents it. The bank does not verify the identity of the person presenting it.

ii. Order Cheque: A cheque that is payable to a specific person or entity named in the cheque. The payee can only endorse or negotiate it to another party with proper documentation.

iii. Holder: The person who legally possesses a cheque or other negotiable instrument and is entitled to collect the payment from the drawee bank.

iv. Open Cheque: A cheque that can be cashed over the counter without being deposited into a bank account. It does not have two parallel lines drawn across it, making it freely transferable.