WorksheetsNegotiable Instrument Act-1881
Total questions: 10
Worksheet time: 5mins
According to the Negotiable Instruments Act 1881, a bill of exchange is:
Bill
Valuable Security
Document
Receipt
In a Promissory Note, how many parties are involved:
One
Two
Three
Four
In a Bill of exchange, how many parties are involved:
One
Two
Three
Four
Section 5 of the NI Act deals with:
Holder in due course
Cheque
Promissory Note
Bills of Exchange
The Negotiable Instruments Act, 1881 is an Act to define and amend the law relating to:
cheques
bills of exchange
promissory notes
All of the above
Presumptions u/s 188 includes : , choose the incorrect statement
1. Consideration: Every negotiable instrument is deemed to have been drawn and accepted, endorsed, negotiated, or transferred for consideration..
2. Date: Every negotiable instrument must bear the date on which it is made or drawn
3. Acceptance: Every bill of exchange was accepted within a reasonable time after the date mentioned therein and before the date of its maturity.
4. Transfer: Every transfer should be made after the expiry.
Which section of the NI Act defines the words, ‘Negotiable Instrument’:
Section 13
Section 13A
Section 14
Section 15
Which is a “Promissory Note”
I promise to pay B Rs. 500 and to deliver to him my black horse on 1st January next.
I promise to pay B Rs. 500 seven days /after my marriage with C .
“I acknowledge myself to be indebted to B in Rs. 1, 000, to be paid on demand, for value received.”
I promise to pay B Rs. 500 on D’s death, provided D leaves me enough to pay that sum.
A ‘Cheque’ is a Bills of exchange and has been defined under:
The Negotiable Instruments Act, 1881
The General Clauses Act, 1897
The Reserve Bank of India Act, 1934
The Banking Regulation Act, 1949
Who is entitled at the time of loss or destruction of a note, bill or cheque:
Drawee
Holder.
Drawer
Payee
