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Questions and Answers
Who must the certain person be, according to the definition of a bill of exchange?
Who must the certain person be, according to the definition of a bill of exchange?
- To pay a certain sum of money to anyone the holder specifies
- To pay a certain sum of money only to the bearer of the instrument
- To pay a certain sum of money only to, or to the order of a certain person (correct)
- To pay a certain sum of money only to a certain person
What is a bill of exchange according to the Negotiable Instruments Act 1881?
What is a bill of exchange according to the Negotiable Instruments Act 1881?
- An instrument in writing containing an unconditional order (correct)
- An instrument in writing containing a conditional request
- An instrument in writing containing an unconditional request
- An instrument in writing containing a conditional order
What is the essential requirement regarding the payment in a bill of exchange?
What is the essential requirement regarding the payment in a bill of exchange?
- The payment must be for a certain sum of money (correct)
- The payment must be made to a specific bank account
- The payment must be made in a foreign currency
- The payment must be for an uncertain sum of money
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