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Question
According to Negotiable Instrument Act, 1881, which of the following refers to a written document by which a right is created in favor of some person?
According to Negotiable Instrument Act, 1881, which of the following refers to a written document by which a right is created in favor of some person?
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Solution
The correct option is C Instrument
The term Negotiable Instrument has been defined under section 13(1) of Negotiable Instrument Act, 1881. According to the Act, a negotiable instrument means a promissory note, bill of exchange or cheque payable either to order or to bearer. It is basically a piece of paper which entitles a person to a sum of money and which is transferable from one person to another by mere delivery or by endorsement and delivery.
The term Negotiable Instrument has been defined under section 13(1) of Negotiable Instrument Act, 1881. According to the Act, a negotiable instrument means a promissory note, bill of exchange or cheque payable either to order or to bearer. It is basically a piece of paper which entitles a person to a sum of money and which is transferable from one person to another by mere delivery or by endorsement and delivery.
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