Negotiable Instruments Act, 1881- Test 4

The person to whom the amount is payable on any negotiable instrument is called as-

Which of the following is/are essential(S) of promissory note?

Which of the following is/are essential(S) of promissory note?

Which of the following is/are essential(s) of promissory note?

Promissory note must contain –

The promissory note should be signed by-

……. is an instrument in writing containing an unconditional order, signed by the maker, directing a certain person to pay a certain sum of money only to or to the order of, a certain person or to the bearer of the instrument.

The person who draws the bill is known as –

The person on whom the bill is drawn is known as-

When the holder endorses the bill to anyone else he becomes the –

…. is the person to whom the bill is endorsed.

…. is the person to whom the sum stated in the bill is payable.

The bill is drawn as an order to drawee to pay certain amount to payee. If drawee refuses to honour the bill, another person may be named in the itself, as ……..

Essential of a bill of exchange:-

A bill of exchange must contain …. order to pay money only.

A bill of exchange must contain an unconditional …… to pay money only.

A bill of exchange must contain an unconditional order to pay …. only.

Kavita draws a bill on Shyam for Rs.30,000. Kavita endorsed it to Ram. Ram endorsed it to Rahim. The payee of the bill will be :……..

The liability of the maker of a pro-note is –

Foreign bill of exchange must be protested for dishonour.

Normally foreign bills are drawn in sets of –

A bill drawn and accepted for a genuine trade transaction is termed as a –

…… is a bill in which a person lends or gives his name to oblige a friend or some persons whom he knows or otherwise.

A bill is drawn accepted or endorsed ………. is called an accommodation

It is only the …….. who can ask for a duplicate bill, promissory note or cheque.