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About Negotiable Instruments Act:
The Negotiable Instruments Act, 1881, is a significant Indian legislation that governs promissory notes, bills of exchange, and cheques, collectively referred to as negotiable instruments. These instruments represent a promise to pay a certain sum of money and are widely used in commercial transactions. The Act sets out the rules for the creation, transfer, and enforcement of negotiable instruments, making them legally enforceable. It defines the rights and obligations of parties involved, including the maker, payee, and holder. The Act also outlines the consequences of dishonor and provides remedies in case of non-payment. It plays a crucial role in facilitating business and financial transactions by providing legal certainty and enforceability to negotiable instruments.
Features of Negotiable Instruments Act Multiple Choice Questions (MCQ):
- Mixed multiple choice questions (MCQ) covering all important topics of Negotiable Instruments Act.
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