44 – Concepts Related to Negotiable Instruments

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Which of the following are included/excluded in determining reasonable time for the purpose of payment of a negotiable instrument?

public holidays are included

public holidays are excluded

only the holidays observed by the banks are excluded

none of the above

Which of the following defines 'At sight' under section 21 of the Negotiable Instrument Act, 1881?

on presentation

on demand

on coming into vision

none of the above

Which of the following means 'indorsement in blank' of an instrumentnder section 16 of the Negotiable Instrument Act?

where the indorser does not write anything on the instrument

where the indorser writes his name only on the instrument

where the indorser writes the name of the person who is directed to pay

none of the above

What happens if in an instrument the amount undertaken or ordered to be paid is stated differently in figures and in words?

the instrument is void due to uncertainty

the amount stated in figure shall be the amount undertaken or ordered to be paid

the amount stated in words shall be the amount undertaken or ordered to be paid

none of the above

Which of the following instruments may be construed either as a promissory note or bill of exchange?

valid instrument

ambiguous instrument

returnable instrument

none of the above

44 - Concepts Related to Negotiable Instruments