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Questions and Answers

What is the purpose of the Negotiable Instruments Act, 1881?

To govern contracts and agreements

To regulate the sale and purchase of goods

To facilitate trade and commerce by providing legal recognition to instruments of credit (correct)

To regulate the formation and management of companies

What are the learning outcomes of this chapter?

Understanding the principles of contract law

Understanding the meaning, characteristics, and elements of different kinds of negotiable instruments (correct)

Understanding the sale and purchase of goods

Understanding the formation and management of companies

Which act is the focus of this chapter?

The Negotiable Instruments Act, 1881 (correct)

The Indian Contract Act, 1872

The Companies Act, 2013

The Sale of Goods Act, 1930

What is the purpose of the law relating to negotiable instruments?

To facilitate activities in trade and commerce Signup and view all the answers

Why are negotiable instruments important in trade and commerce?

They provide a means of converting credit into money and are easily transferable Signup and view all the answers

Which of the following is NOT considered a negotiable instrument under the Act?

Money orders Signup and view all the answers

What is the key requirement for a negotiable instrument to be payable to order?

All of the above Signup and view all the answers

What is the key requirement for a negotiable instrument to be payable to bearer?

It must be expressed to be so payable Signup and view all the answers

How can a negotiable instrument be transferred?

By endorsement and delivery Signup and view all the answers

What happens to the property in a negotiable instrument when it is transferred to a bonafide transferee for value?

The property is transferred to the bonafide transferee Signup and view all the answers