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    Question

    What is an "acceptor for honour" in the context of a

    bill of exchange?
    A A person who accepts a bill of exchange without protest for non-acceptance Correct Answer Incorrect Answer
    B A person who accepts a bill of exchange for the purpose of guaranteeing the drawer's liability Correct Answer Incorrect Answer
    C A person who accepts a bill of exchange after it has been noted or protested for non-acceptance or for better security Correct Answer Incorrect Answer
    D A person who accepts a bill of exchange to settle any outstanding debts Correct Answer Incorrect Answer
    E A person who refuses to accept a bill of exchange for the drawer's honour Correct Answer Incorrect Answer

    Solution

    Section 7 ā€œAcceptor for honourā€.— 4 [When a bill of exchange has been noted or protested for non-acceptance acceptance or for better security, and any person accepts it supra protest for honour of the drawer or of any one of the indorsers, such person is called an ā€œacceptor for honourā€.

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