Question

According to Negotiable Act, $1881$, which of the following refers to a promissory note, bill of exchange or cheque payable either to order or to bearer?

• A. Agreement
• B. Contract
• C. Negotiable Instrument
• D. Act

Answer 1

Answer: (C)

Negotiable Instrument

According to Negotiable Act, 1881 a “negotiable instrument” means a promissory note, bill of exchange or cheque payable either to order or to bearer.

A negotiable instrument may be made payable to two or more payees jointly, or it may be made payable in the alternative to one of two, or one or some of several payees.