Question
Amit signs an instrument in the following terms "I
promise to pay Babu Rs. 10,000 and all other suns which shall be due to him". What is the legal status of above instrument?Solution
According to Section 4 of Negotiable Instrument Act, a promissory note is: • An instrument (not being bank note or currency note) in writing • Containing an unconditional undertaking • Signed by the maker • To pay a certain sum of money only to or to the order of, a certain person, or to the bearer of the instrument. In question, the sum is not certain as it is mentioned “Rs 10000 and all other sums which shall be due to him”. A Bill of Exchange has three parties. An inchoate instrument is an incomplete instrument
In a scenario where the number of interested directors on a company’s Board of Directors is equal to or exceeds two-thirds of the total Board strength...
Which of the following ratio is given by the formula EBIT by Sales?
What is the revised timeline for Credit Information Companies (CICs) to ingest credit information data from Credit Institutions (CIs), effective Januar...
Consider the following Statements and choose the option with correct Statements.
I- The Potential Foreign Universities to be opened in the IFSC...
A contract between two parties in which one party purchases protection from another party against losses from the default of a borrower for a defined pe...
Which among the following is/are NOT covered under the insurance cover issued by the Deposit Insurance and Credit Guarantee Corporation (DICGC)?
Under the RBI’s guidelines for import of gold by Tariff Rate Quota (TRQ) holders, how many days of advance payment are allowed for Qualified Jewellers...
Which app is launched by SEBI to create awareness among the investors about the basic concepts of Securities Market, KYC Process, trading and settlement...
Which of the following is a technique for waste minimization that explains how a work space should be organized for efficiency and effectiveness by iden...
Financial product under IFSCA Act 2019 does not include
