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Question
Kinds of Negotiable Instruments
_______ is a bill in which a person lends or gives his name to oblige a friend or some person whom he knows or otherwise.
Kinds of Negotiable Instruments
_______ is a bill in which a person lends or gives his name to oblige a friend or some person whom he knows or otherwise.
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Solution
The correct option is D Accommodation Bill
Accommodation Bills are drawn and accepted with no consideration passed or received. The Bill, which is drawn just to oblige a friend, who is in need of money, of course without any trading activities, with sole intention of raising funds required for ready cash is known as Accommodation Bill.
Accommodation Bills are drawn and accepted with no consideration passed or received. The Bill, which is drawn just to oblige a friend, who is in need of money, of course without any trading activities, with sole intention of raising funds required for ready cash is known as Accommodation Bill.
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