AIOU SOLVED ASSIGNMENT 1 CODE 460 AUTUMN 2015
Aiou solved assignment 1 code 460 for autumn 2015 semester and spring 2016 semester. This is the subject of mercantile law and include different topics like negotiable instruments characteristics of negotiable instruments and competencies of parties to negotiable instruments.
A NEGOTIABLE INSTRUMENT:-
The business now a days is so developed and complex that it is very difficult to carry cash everywhere. Therefore most of the present day business transactions are conducted on credit basis. This credit may be granted on opening account or on the basis of a formal instrument of credit i.e. a negotiable instrument.
(i) A negotiable instrument therefore means an instrument, which represents money or money’s worth and
(ii) The title of which can be transferred from one person to another by endorsement and delivery.
(iii) The legal provision relating got negotiable instruments are governed by the negotiable instrument act, 1881.
Negotiable instrument is a transferable document that promises to pay the bearer a sum of money at a future date or on demand. Examples include checks bills of exchange, and promissory notes.
A negotiable instrument is a document guaranteeing the payment of a specific amount of money, either on demand, or at a set time. According to the section 13 of the negotiable instruments act, a negotiable instrument means a promissory note, bill of exchange or Cheque payable either to order or to bearer. So, there are just three types of negotiable instrument.
For complete information about these negotiable instruments the first question of first assignment of aiou for code 460, so we are presenting you the solved assignment.