Cheque is one the Negotiable Instruments which depicts a ‘promise to pay’ in future. It is useful when a person is incapable of paying a due amount at present but is capable of paying it in future. Thus by issuing Cheque, the person promises to other person to pay off his liability on the date specified on such Cheque.
That’s the reason why Cheque is a highly trusted and most commonly used mode of payment in day to day trade and commerce.