Question
Mr. Arvind drew a bill of exchange of ₹1,00,000
payable after 3 months on Mr. Rohit, who accepted the bill. Before maturity, Mr. Arvind endorsed the bill to Mr. Suresh. On the due date, Mr. Rohit defaulted. Who is primarily liable now?Solution
The acceptor of a bill (Mr. Rohit) is primarily liable to pay on the due date. Endorsement transfers the right to receive payment, not the liability to pay unless the endorser guaranteed it (which is secondary).
Which one of the following statements regarding the levying, collecting and distribution of Land Revenue is correct?
In 1870, who among the following formed the Puna sarvjanik sabha ?
What is the missing number in the series: 2,7,28,63,126,____
Which among the following statements is incorrectly mentioned with respect to the Securities and Exchange Board of India ?
Which country’s space agencies have allowed private companies to conduct tours of the International Space Station?
Average age of company A is 20 years and average age of both companies A and B is 14 years. If the ratio of number of employees in company A and B is 1:...
Which of the following is not an unfair labour practice under the Industrial Disputes Act, of 1947?
Which of the following are not the features of the Indian Parliamentary System?
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Independent Judiciary
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What is the monthly wage ceiling specified under Section 4(1) for working out the maximum amount of compensation, after the amendment made in 1995?
Skyhawk was recently in the news, what is skyhawk?
