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Business Law 2nd Edition Tejpal Sheth - Solutions
A negotiable instrument payable to order can be transferred by(i) simple deliver. (iii) endorsement and delivery.(ii) endorsement. (iv) registered post.
A holder in due course can recover the amount of the instrument irrespective of any defect in the title of prior parties.(i) True(ii) False
A person becomes a ‘holder in due course’ of a negotiable instrument, if he receives it(i) in good faith. (iii) before maturity.(ii) for value. (iv) all of these.
A holder is a person who is entitle to the instrument in his own name and the term includes(i) payee of instrument. (iii) endorsee of instrument.(ii) bearer of instrument. (iv) all of these.
Which of the following is not competent to draw a valid negotiable instrument?(i) Insolvent. (iii) Agent.(ii) Company. (iv) Both (ii) and (iii).
A negotiable instrument drawn by minor is(i) void. (iii) valid.(ii) voidable. (iv) invalid.
A negotiable instrument drawn in favour of a minor is(i) void. (iii) valid.(ii) voidable. (iv) invalid.
On acceptance of a bill of exchange by the drawee, he is legally known as(i) acceptor.(ii) acceptor for honour.(iii) drawee in case of need.(iv) none of these.
All bills of exchange are not cheques.(i) True(ii) False
All cheques are bills of exchange.(i) True(ii) False
A bill of exchange dishonoured due to non-acceptance by the drawee becomes(i) void. (iii) invalid.(ii) voidable. (iv) none of these.
Generally promissory note has parties.(i) two (iii) four(ii) three (iv) any number
Generally bill of exchange has parties.(i) two (iii) four(ii) three (iv) any number
A person who is directed to pay the amount of bill of exchange is known as(i) drawer. (iii) payee.(ii) drawee. (iv) creditor.
A bill of exchange payable to bearer on demand is(i) valid. (iii) invalid.(ii) voidable. (iv) conditional.
Which of the following is not an essential of a valid cheque?(i) It must be signed. (iii) It must be in writing.(ii) It must be drawn on bank. (iv) It must be registered.
Which of the following is not an essential of a valid bill of exchange?(i) It must be signed. (iii) It must be in writing.(ii) It must be stamped. (iv) It must be registered.
Which of the following is not an essential of a valid promissory note?(i) It must be signed by maker.(ii) It must be stamped.(iii) It must be in writing.(iv) It must be registered.
A promissory note cannot be made payable to bearer.(i) True(ii) False
A cheque is always payable on demand(i) True(ii) False
A negotiable instrument may be drawn to be payable(i) on demand. (iii) after one month.(ii) after sight. (iv) either (i) or (ii) or (iii).
A negotiable instrument in which no time for payment is specified is payable(i) after acceptance. (iii) after one month.(ii) after sight. (iv) on demand.
A negotiable instrument drawn in India on a person residing in India and payable outside India is known as(i) inland instrument. (iii) incomplete instrument.(ii) foreign instrument. (iv) none of these.
A person who receives a negotiable instrument in good faith and for valuable consideration is known as(i) holder for consideration. (iii) holder in due course.(ii) holder for value. (iv) holder in rights.
Which one of the following is not the characteristic of a negotiable instrument?(i) It must be in writing.(ii) It must be freely transferable.(iii) It must be registered.(iv) It must contain definite amount of money.
The Negotiable Instruments Act includes cheque, bill of exchange and(i) promissory note. (iii) bank draft.(ii) hundi. (iv) customary note.
The negotiable instruments includes(i) promissory note. (iii) cheque.(ii) bill of exchange. (iv) all of these.
Write a short note on ‘hundi’.
When party to negotiable instrument is discharged?
When the negotiable instrument is discharged?
Explain the provisions of negotiable Instrument Act, 1881 relating to ‘notify’and ‘protesting’ of bill of exchange which has been dishonoured by the acceptor.
When notice of dishonour is unnecessary?
Explain the meaning of ‘payment for honour’ under the Negotiable Instrument Act, 1881.
Explain the meaning of ‘acceptance for honour’ under the Negotiable Instrument Act, 1881.
When can a bill of exchange be dishonoured by ‘non-acceptance’ and‘non-payment’ under the provisions of Negotiable Instrument Act, 1881? (Ref. Para-14.36)
Which are the essentials elements of a valid acceptance of bill of exchange? (Ref. Para-14.35)
Which kind of alteration to an instrument is allowed under the act and not regarded as material alteration? (Ref. Para-14.34)
When is an alteration of an instrument as material alteration under act? (Ref. Para-14.34)
What will be effect of non-presentment of cheque within reasonable time?
State the grounds on the basis of which a cheque may be dishonour by bank? (Ref. Para-14.32)
State the cases in which a banker is justified or bound to dishonour cheque. (Ref. Para-14.31)
A paying banker is always protected. Comment. (Ref. Para-14.29)
When payment will be a payment in due course? (Ref. Para-14.28)
What are the main differences between a holder and a holder in due course? (Ref. Para-14.27)
State the privileges of a ‘holder in due course’ under the Negotiable Instrument Act. (Ref. Para-14.26)
Explain the meaning of ‘holder’ and ‘holder in due course’. (Ref. Para-14.25)
Write a short note on crossing of cheque. (Ref. Para-14.23)
A cheque marked ‘not negotiable’ is not tranferable. Comment. (Ref. Para-14.23)
Write short note on not-negotiable crossing. (Ref. Para-14.23)
Write short note on restrictive crossing. (Ref. Para-14.23)
Explain clearly the meaning of ‘general’ and ‘special crossing’ of cheque. (Ref. Para-14.23)
What do you understand by the crossing of cheque?What is object of crossing? (Ref. Para-14.23)
What are the difference between ‘negotiability’ and ‘assignability’? (Ref. Para-14.22)
When the term ‘negotiation back’ used in Negotiable Instrument Act?What are the effects of negotiation back? (Ref. Para-14.21)
What do you understand by endorsement? Explain different kind of endorsement. (Ref. Para-14.19,14.20)
Write a short note negotiation. (Ref. Para-14.18)
Can a negotiable instrument be drawn without consideration? (Ref. Para-14.17)
State briefly the rules laid down under Negotiable Instrument Act, 1881 for determining the date of maturity of bills of exchange. (Ref. Para-14.16)
What are the differences between an ambiguous instrument and inchoate instrument? (Ref. Para-14.15)
What is inchoate instrument? Explain the provisions relating to inchoate instrument. (Ref. Para-14.14)
Distinguish between ‘inland bill’ and ‘foreign bill’. Ref. Para-14.13)
What do you understand by ambiguous instrument? (Ref. Para-14.12)
What do you understand by time instrument? (Ref. Para-14.12)
What is demand instrument? (Ref. Para-14.12)
How can negotiable instrument be classified? (Ref. Para-14.12)
Who can be party to negotiable instrument? (Ref. Para-14.11)
Write down the difference between electronic cheque and truncated cheque. (Ref. Para-14.10)
In what respect bill of exchange differ from a cheque? (Ref. Para-14.9)
Define the cheque. Mention its character. (Ref. Para-14.8)
In what ways does a ‘promissory note’ differ from a ‘bill of exchange’. (Ref. Para-14.7)
Define the bill of exchange and explain its salient features. (Ref. Para-14.6)
What is a promissory note and what are its elements? (Ref. Para-14.4,14.5)
What are the presumptions applicable to all the negotiable instruments, as provided under the Negotiable Instrument Act, 1881? (Ref. Para-14.3)
Explain the various characteristic of a Negotiable Instrument. (Ref. Para-14.2)
The buyer has the right(i) to examine the goods before purchase.(ii) to have reasonable opportunity to examine the goods.(iii) to intimate defects in the goods to the seller.(iv) all of the above.
In case of ex-ship contract, the ownership of the goods is transferred to the buyer when the(i) goods are loaded on board the ship.(ii) goods are actually delivered at the port of destination.(iii) shipping documents are delivered to the buyer.(iv) shipping documents are handed over to the captain
In case of ex-ship contract, during voyage the goods are at the risk of the(i) seller. (iii) caption of the ship.(ii) buyer. (iv) none of these.
In which of the following contracts, the seller is under an obligation is insure the goods?(i) Ex-ship contract. (iii) CIF contract.(ii) FOB contract. (iv) None of the above.
In a contract through the sea route, the contract for the sale of goods at the price which include the cost of goods, insurance and freight charges, the contract is known as(i) C.I.F. contract. (iii) insurance obligatory contract.(ii) F.O.B contract. (iv) ex-ship contract.
In the case of an auction sale, contract is entered into by which of the following method?(i) On strike of hammer third time. (iii) By saying going-going and gone.(ii) By saying 1-2-3. (iv) All of the above.
In the case of sale by auction, contract is made(i) by strike of hammer third time. (iii) by bid.(ii) on payment. (iv) by delivery of goods.
In the case of sale by auction, the seller of goods has a right to bid at the auction(i) with the permission of the auctioneer.(ii) only when the right to bid has been expressly reserved.(iii) even when the right to bid has been impliedly reserved.(iv) with the permission of the bidder.
Auction sale is also known as(i) public sale. (iii) cash sale.(ii) private sale. (iv) none of the above.
Which of the following is correct?(i) Seller may file suit for specific performance.(ii) Seller may claim damages where buyer refuse to take delivery of the goods.(iii) Both (i) and (ii).(iv) None of the above.
Where the buyer wrongfully refuses to accept and pay for goods, the seller may sue him for(i) payment of price of goods. (iii) payment of other expenses.(ii) damages for non-acceptance of goods. (iv) all of the above.
If no notice is given to original buyer of the intention to re-sell, the unpaid seller(i) cannot claim any damages.(ii) has to pay to the original buyer, the profits, if any, on re-sale.(iii) either (i) or (ii).(iv) both (i) and (ii).
Which of the following rights are available to an unpaid seller against the buyer?(i) Suit for price. (iii) Suit for repudiation.(ii) Suit for interest. (iv) All of the above.
The unpaid seller’s right of stoppage in transit is to(i) re-organize the possession of goods.(ii) re-sell the goods lying with the carrier.(iii) regain the possession of goods.(iv) retain the possession of goods.
The unpaid seller’s right of lien is to(i) re-organize possession of goods. (iii) regain possession of goods.(ii) re-sell the goods. (iv) retain possession of goods.
The Right of Stoppage in transit can be exercised by the unpaid seller where the buyer(i) is solvent. (iii) has become insane.(ii) becomes insolvent. (iv) neither (i) nor (ii).
The Right of Stoppage in transit can be exercised by the unpaid seller where he(i) has lost his right of lien. (iii) both (i) and (ii).(ii) still enjoys his right of lien. (iv) neither (i) nor (ii).
The unpaid seller does not lose his right of lien(i) when he delivers the goods to a carrier for the purpose of transmission to the buyer without reserving the right of disposal.(ii) when the buyer obtains possession of the goods.(iii) when the teller waives the right of lien.(iv) when the seller
In which of the following situations, the right of lien is lost?(i) Where the goods have been delivered to the buyer.(ii) Where the goods have been delivered to the buyer’s agent.(iii) Neither (i) nor (ii).(iv) Either (i) or (ii).
Unpaid seller can exercise his right of lien(i) even when property in goods has passed to the buyer.(ii) when general property in goods has passed to the buyer.(iii) either (i) or (ii).(iv) neither (i) nor (ii).
Unpaid seller has right against buyer when(i) ownership of goods is transferred to buyer.(ii) ownership of goods is not transferred to buyer.(iii) either (i) or (ii).(iv) neither (i) nor (ii).
Unpaid seller has right of(i) lien. (iii) either (i) or (ii).(ii) stoppage of goods in transit. (iv) neither (i) nor (ii).
A sold the goods to B for ` 20,000. B paid ` 5000 A is(i) an unpaid debtor. (iii) not a defaulter.(ii) an unpaid seller. (iv) none of the above.
Buyer is not bound to return rejected goods. It is sufficient if the buyer(i) returns the goods to the carrier.(ii) returns the goods to the seller’s agent.(iii) intimates the Seller that he refuses to accept the goods.(iv) dishonours the Bill of Exchange drawn.
In which of the following situations, the buyer is not deemed to have accepted the goods?(i) When he intimates to the seller that he has accepted them.(ii) When the goods are delivered to him, he does some action which is inconsistent with the ownership of the seller.(iii) When he does not return
In case of delivery of wrong quantity of goods, the buyer has a right to(i) accept the whole.(ii) reject the whole.(iii) accept the quantity contracted for and reject the rest.(iv) either (i) or (ii) or (iii).
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