CA Intermediate Exam > CA Intermediate Videos > Corporate & Other Laws for CA Intermediate > Negotiable Instrument Act
Negotiable Instrument Act Video Lecture | Corporate & Other Laws for CA Intermediate
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FAQs on Negotiable Instrument Act Video Lecture - Corporate & Other Laws for CA Intermediate
| 1. What are the key features of a negotiable instrument under the Negotiable Instrument Act? |  |
Ans. The key features of a negotiable instrument include the following: it must be in writing; it must contain an unconditional promise or order to pay a certain sum of money; it must be signed by the maker or drawer; it must be payable either on demand or at a fixed or determinable future time; and it must be transferable by endorsement or delivery. These characteristics make negotiable instruments a convenient means of payment and credit.
| 2. What types of negotiable instruments are recognized by the Negotiable Instrument Act? | |
Ans. The Negotiable Instrument Act recognizes several types of negotiable instruments, including promissory notes, bills of exchange, and cheques. Each type has its own specific features and legal requirements, but they all serve the purpose of facilitating transactions and ensuring payment.
| 3. What is the difference between a promissory note and a bill of exchange? | |
Ans. A promissory note is a written promise by one party (the maker) to pay a specific sum of money to another party (the payee) at a future date or on demand. In contrast, a bill of exchange is an order from one party (the drawer) to another party (the drawee) to pay a specified sum to a third party (the payee) at a future date or on demand. The main difference lies in the nature of the commitment: a promissory note is a promise to pay, while a bill of exchange is an order to pay.
| 4. How does one endorse a negotiable instrument? | |
Ans. To endorse a negotiable instrument, the holder must sign their name on the back of the instrument or on a separate piece of paper attached to it. This endorsement can be blank (simply signing the name) or special (specifying the person to whom the instrument is transferred). The endorsement transfers the rights to the instrument to the endorsee, making them the new holder.
| 5. What are the legal implications of dishonor of a negotiable instrument? | |
Ans. The dishonor of a negotiable instrument occurs when the instrument is not accepted or paid when presented. The legal implications include the holder's right to sue for recovery of the amount due, the liability of the endorsers, and the ability to issue a notice of dishonor to the parties involved. Dishonor can affect credit ratings and may lead to legal proceedings to enforce payment.
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Nov 19, 2024 Last updated |
Video Description: Negotiable Instrument Act for CA Intermediate 2024 is part of Corporate & Other Laws for CA Intermediate preparation.
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