Stefan gave a cheque for $500 to his daughter, Monique, as a birthday present.Because Monique did not give any consideration in exchange for her birthday present, Stefan's bank is not permitted to honour the cheque.

Question

Quizplus · Accepted Answer

This statement is false. A cheque can be honored even if it is a gift and no consideration is given in exchange. However, the cheque may be subject to certain banking regulations and may require the signature of the account holder or verification of funds.

Stefan Gave a Cheque for $500 to His Daughter, Monique