Final answer:
When a cheque is payable to a person and a business, either the person or the business can negotiate it individually or jointly.
Step-by-step explanation:
When a cheque is payable to a person and a business, it means that the cheque can be negotiated by either the person or the business, individually or jointly. The phrase 'and/or' indicates that both parties have the ability to negotiate the cheque. This allows flexibility for either the person or the business to deposit or endorse the cheque as necessary.
For example, if Paul Smith and ABC Company are listed as payees on the cheque, Paul Smith can negotiate it by signing his name on the back of the cheque, and ABC Company can also negotiate it by endorsing the cheque with their authorized signature.