10 Questions
What is the purpose of the Negotiable Instruments Act, 1881?
To facilitate trade and commerce by providing legal recognition to instruments of credit
What are the learning outcomes of this chapter?
Understanding the meaning, characteristics, and elements of different kinds of negotiable instruments
Which act is the focus of this chapter?
The Negotiable Instruments Act, 1881
What is the purpose of the law relating to negotiable instruments?
To facilitate activities in trade and commerce
Why are negotiable instruments important in trade and commerce?
They provide a means of converting credit into money and are easily transferable
Which of the following is NOT considered a negotiable instrument under the Act?
Money orders
What is the key requirement for a negotiable instrument to be payable to order?
All of the above
What is the key requirement for a negotiable instrument to be payable to bearer?
It must be expressed to be so payable
How can a negotiable instrument be transferred?
By endorsement and delivery
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
Test your knowledge of the Negotiable Instruments Act, 1881 with this quiz. Learn about the meaning, characteristics, and elements of different kinds of negotiable instruments, as well as various ways of negotiation, classification of instruments, discharge from liability, and concepts related to dishonor of instruments.
Make Your Own Quizzes and Flashcards
Convert your notes into interactive study material.
Get started for free
