Under Section 118, until the contrary is proved, it is presumed that every negotiable instrument was made or drawn for what?

Section 118 of the Negotiable Instruments Act lays down several presumptions, including that every negotiable instrument was made or drawn for consideration, and that every such instrument when accepted, endorsed, negotiated or transferred was for consideration. These presumptions operate until the contrary is proved. They place the burden on the party denying consideration. The presumptions facilitate commerce by treating negotiable instruments as valid and supported by consideration unless rebutted.