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Ram, Rohit and Kiran jointly borrowed Rs. 2,00,000 from Rahim by executing a promissory note. Rohit and Kiran are not traceable. Rahim wants to recover the entire amount from Ram. Ram objected this move by saying he is liable to pay 1/3 of the debt only. Which of the following statement(s) is correct?
- a)Rahim can recover the entire amount from Ram.
- b)Rahim can only recover 1/3 of Rs. 2,00,000 from Ram.
- c)Rahim cannot recover any amount from Ram.
- d)The promissory note is not executable against Ram as Rohit and Kiran are not traceable.
Correct answer is option 'A'. Can you explain this answer?
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Ram, Rohit and Kiran jointly borrowed Rs. 2,00,000 from Rahim by execu...
Promissory Note Liability
Promissory note is a legal document that outlines a borrower's promise to repay a loan from a lender. If there are multiple borrowers on a promissory note, they are jointly and severally liable for the repayment of the loan.
Given the scenario, Ram, Rohit, and Kiran borrowed Rs. 2,00,000 jointly from Rahim by executing a promissory note. However, Rohit and Kiran are not traceable, and Rahim wants to recover the entire amount from Ram.
Liability of Ram
Ram is liable to pay the entire amount as per the terms of the promissory note. Since all the borrowers are jointly and severally liable, Rahim has the right to recover the entire amount from any one borrower, i.e., Ram.
Objection by Ram
Ram objects to this move by saying that he is liable to pay only 1/3 of the debt. However, this objection is not valid as all the borrowers are jointly and severally liable for the repayment of the loan.
Correct Answer
Hence, the correct answer to the question is option 'A,' i.e., Rahim can recover the entire amount from Ram.
Promissory note is a legal document that outlines a borrower's promise to repay a loan from a lender. If there are multiple borrowers on a promissory note, they are jointly and severally liable for the repayment of the loan.
Given the scenario, Ram, Rohit, and Kiran borrowed Rs. 2,00,000 jointly from Rahim by executing a promissory note. However, Rohit and Kiran are not traceable, and Rahim wants to recover the entire amount from Ram.
Liability of Ram
Ram is liable to pay the entire amount as per the terms of the promissory note. Since all the borrowers are jointly and severally liable, Rahim has the right to recover the entire amount from any one borrower, i.e., Ram.
Objection by Ram
Ram objects to this move by saying that he is liable to pay only 1/3 of the debt. However, this objection is not valid as all the borrowers are jointly and severally liable for the repayment of the loan.
Correct Answer
Hence, the correct answer to the question is option 'A,' i.e., Rahim can recover the entire amount from Ram.
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Community Answer
Ram, Rohit and Kiran jointly borrowed Rs. 2,00,000 from Rahim by execu...
Option A ... According to section 43 of the Indian contract act 1872...where two o more persons make a joint promise,the promisee may in the absence of any express contract to the contrary,ask any one or more of such joint promisors to perform the whole of the promise...
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Ram, Rohit and Kiran jointly borrowed Rs. 2,00,000 from Rahim by executing a promissory note. Rohit and Kiran are not traceable. Rahim wants to recover the entire amount from Ram. Ram objected this move by saying he is liable to pay 1/3 of the debt only. Which of the following statement(s) is correct?a)Rahim can recover the entire amount from Ram.b)Rahim can only recover 1/3 of Rs. 2,00,000 from Ram.c)Rahim cannot recover any amount from Ram.d)The promissory note is not executable against Ram as Rohit and Kiran are not traceable.Correct answer is option 'A'. Can you explain this answer?
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Ram, Rohit and Kiran jointly borrowed Rs. 2,00,000 from Rahim by executing a promissory note. Rohit and Kiran are not traceable. Rahim wants to recover the entire amount from Ram. Ram objected this move by saying he is liable to pay 1/3 of the debt only. Which of the following statement(s) is correct?a)Rahim can recover the entire amount from Ram.b)Rahim can only recover 1/3 of Rs. 2,00,000 from Ram.c)Rahim cannot recover any amount from Ram.d)The promissory note is not executable against Ram as Rohit and Kiran are not traceable.Correct answer is option 'A'. Can you explain this answer? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about Ram, Rohit and Kiran jointly borrowed Rs. 2,00,000 from Rahim by executing a promissory note. Rohit and Kiran are not traceable. Rahim wants to recover the entire amount from Ram. Ram objected this move by saying he is liable to pay 1/3 of the debt only. Which of the following statement(s) is correct?a)Rahim can recover the entire amount from Ram.b)Rahim can only recover 1/3 of Rs. 2,00,000 from Ram.c)Rahim cannot recover any amount from Ram.d)The promissory note is not executable against Ram as Rohit and Kiran are not traceable.Correct answer is option 'A'. Can you explain this answer? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Ram, Rohit and Kiran jointly borrowed Rs. 2,00,000 from Rahim by executing a promissory note. Rohit and Kiran are not traceable. Rahim wants to recover the entire amount from Ram. Ram objected this move by saying he is liable to pay 1/3 of the debt only. Which of the following statement(s) is correct?a)Rahim can recover the entire amount from Ram.b)Rahim can only recover 1/3 of Rs. 2,00,000 from Ram.c)Rahim cannot recover any amount from Ram.d)The promissory note is not executable against Ram as Rohit and Kiran are not traceable.Correct answer is option 'A'. Can you explain this answer?.
Ram, Rohit and Kiran jointly borrowed Rs. 2,00,000 from Rahim by executing a promissory note. Rohit and Kiran are not traceable. Rahim wants to recover the entire amount from Ram. Ram objected this move by saying he is liable to pay 1/3 of the debt only. Which of the following statement(s) is correct?a)Rahim can recover the entire amount from Ram.b)Rahim can only recover 1/3 of Rs. 2,00,000 from Ram.c)Rahim cannot recover any amount from Ram.d)The promissory note is not executable against Ram as Rohit and Kiran are not traceable.Correct answer is option 'A'. Can you explain this answer? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about Ram, Rohit and Kiran jointly borrowed Rs. 2,00,000 from Rahim by executing a promissory note. Rohit and Kiran are not traceable. Rahim wants to recover the entire amount from Ram. Ram objected this move by saying he is liable to pay 1/3 of the debt only. Which of the following statement(s) is correct?a)Rahim can recover the entire amount from Ram.b)Rahim can only recover 1/3 of Rs. 2,00,000 from Ram.c)Rahim cannot recover any amount from Ram.d)The promissory note is not executable against Ram as Rohit and Kiran are not traceable.Correct answer is option 'A'. Can you explain this answer? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Ram, Rohit and Kiran jointly borrowed Rs. 2,00,000 from Rahim by executing a promissory note. Rohit and Kiran are not traceable. Rahim wants to recover the entire amount from Ram. Ram objected this move by saying he is liable to pay 1/3 of the debt only. Which of the following statement(s) is correct?a)Rahim can recover the entire amount from Ram.b)Rahim can only recover 1/3 of Rs. 2,00,000 from Ram.c)Rahim cannot recover any amount from Ram.d)The promissory note is not executable against Ram as Rohit and Kiran are not traceable.Correct answer is option 'A'. Can you explain this answer?.
Solutions for Ram, Rohit and Kiran jointly borrowed Rs. 2,00,000 from Rahim by executing a promissory note. Rohit and Kiran are not traceable. Rahim wants to recover the entire amount from Ram. Ram objected this move by saying he is liable to pay 1/3 of the debt only. Which of the following statement(s) is correct?a)Rahim can recover the entire amount from Ram.b)Rahim can only recover 1/3 of Rs. 2,00,000 from Ram.c)Rahim cannot recover any amount from Ram.d)The promissory note is not executable against Ram as Rohit and Kiran are not traceable.Correct answer is option 'A'. Can you explain this answer? in English & in Hindi are available as part of our courses for CA Foundation.
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Here you can find the meaning of Ram, Rohit and Kiran jointly borrowed Rs. 2,00,000 from Rahim by executing a promissory note. Rohit and Kiran are not traceable. Rahim wants to recover the entire amount from Ram. Ram objected this move by saying he is liable to pay 1/3 of the debt only. Which of the following statement(s) is correct?a)Rahim can recover the entire amount from Ram.b)Rahim can only recover 1/3 of Rs. 2,00,000 from Ram.c)Rahim cannot recover any amount from Ram.d)The promissory note is not executable against Ram as Rohit and Kiran are not traceable.Correct answer is option 'A'. Can you explain this answer? defined & explained in the simplest way possible. Besides giving the explanation of
Ram, Rohit and Kiran jointly borrowed Rs. 2,00,000 from Rahim by executing a promissory note. Rohit and Kiran are not traceable. Rahim wants to recover the entire amount from Ram. Ram objected this move by saying he is liable to pay 1/3 of the debt only. Which of the following statement(s) is correct?a)Rahim can recover the entire amount from Ram.b)Rahim can only recover 1/3 of Rs. 2,00,000 from Ram.c)Rahim cannot recover any amount from Ram.d)The promissory note is not executable against Ram as Rohit and Kiran are not traceable.Correct answer is option 'A'. Can you explain this answer?, a detailed solution for Ram, Rohit and Kiran jointly borrowed Rs. 2,00,000 from Rahim by executing a promissory note. Rohit and Kiran are not traceable. Rahim wants to recover the entire amount from Ram. Ram objected this move by saying he is liable to pay 1/3 of the debt only. Which of the following statement(s) is correct?a)Rahim can recover the entire amount from Ram.b)Rahim can only recover 1/3 of Rs. 2,00,000 from Ram.c)Rahim cannot recover any amount from Ram.d)The promissory note is not executable against Ram as Rohit and Kiran are not traceable.Correct answer is option 'A'. Can you explain this answer? has been provided alongside types of Ram, Rohit and Kiran jointly borrowed Rs. 2,00,000 from Rahim by executing a promissory note. Rohit and Kiran are not traceable. Rahim wants to recover the entire amount from Ram. Ram objected this move by saying he is liable to pay 1/3 of the debt only. Which of the following statement(s) is correct?a)Rahim can recover the entire amount from Ram.b)Rahim can only recover 1/3 of Rs. 2,00,000 from Ram.c)Rahim cannot recover any amount from Ram.d)The promissory note is not executable against Ram as Rohit and Kiran are not traceable.Correct answer is option 'A'. Can you explain this answer? theory, EduRev gives you an
ample number of questions to practice Ram, Rohit and Kiran jointly borrowed Rs. 2,00,000 from Rahim by executing a promissory note. Rohit and Kiran are not traceable. Rahim wants to recover the entire amount from Ram. Ram objected this move by saying he is liable to pay 1/3 of the debt only. Which of the following statement(s) is correct?a)Rahim can recover the entire amount from Ram.b)Rahim can only recover 1/3 of Rs. 2,00,000 from Ram.c)Rahim cannot recover any amount from Ram.d)The promissory note is not executable against Ram as Rohit and Kiran are not traceable.Correct answer is option 'A'. Can you explain this answer? tests, examples and also practice CA Foundation tests.
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