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Business Studies

Commercial Bills and Commercial Paper

Kinds of Nego...

Question

Kinds of Negotiable Instruments
A cheque is a _ drawn on a bank payable always __.

A

Bill of exchange; on request

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B

Promissory note; on demand

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C

Bill of exchange; on demand

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D

Bill of exchange; on order

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Solution

The correct option is C Bill of exchange; on demand
A “cheque” is a bill of exchange drawn on a specified banker and not expressed to be payable otherwise than on demand and it includes the electronic image of a truncated cheque and a cheque in the electronic form

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