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      Question

      Under Section 22, the 'days of grace' allowed on a bill

      or note not payable on demand, at sight or on presentment is:
      A Three days Correct Answer Incorrect Answer
      B One day Correct Answer Incorrect Answer
      C Two days Correct Answer Incorrect Answer
      D Five days Correct Answer Incorrect Answer
      E Seven days Correct Answer Incorrect Answer

      Solution

      Section 22 states that the maturity of a promissory note or bill of exchange is the date at which it falls due. Every such instrument not expressed to be payable on demand, at sight or on presentment is at maturity on the third day after the day on which it is expressed to be payable. Thus three days of grace are added. Instruments payable on demand, at sight or on presentment are not entitled to days of grace.

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