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Bills of Exchange Test 6

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Bills of Exchange Test 6
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Weekly Quiz Competition
  • Question 1
    1 / -0
    If the bill of exchange for four month's duration is accepted on 23rd September 2013  its maturity date will be __________.
  • Question 2
    1 / -0
    There are _______parties in bills of exchange.
    Solution
    There are total 3 Parties of Bill of Exchange:
    1) Drawer 2) Drawee 3) Payee
  • Question 3
    1 / -0
    A person in whose favor the bill is drawn is called ___________.
    Solution
    The party upon whom the bill is drawn is called the drawee. He is the person to whom the bill is addressed and who is ordered to pay. 
  • Question 4
    1 / -0
    If a bill of exchange of one month duration is accepted on 12th July 2001 its maturity date will be ____________.
    Solution

    If the instrument is made payable at the stated number of months after date or after sight or after a certain event, it becomes payable three days after the corresponding date of the month. Here, the corresponding date of next month is 12th August. When 3 days of grace are added to this date, the maturity date becomes 15th August. Since, 15th August is a National holiday, the maturity date will be a previous day, i.e, 14th August.

  • Question 5
    1 / -0
    Transfer of title of the bill from debtor to creditor.
    Solution
    On agreement of settlement of debt by transfer of Bill by debtor to creditor is called endorsement. 
  • Question 6
    1 / -0
    Bill of exchange drawn in any Indian language.
    Solution
    Bill of exchange in Indian  Language is called Hundi.
    Although Hundis being a part of informal system they are not covered under negotiable instruments act 1881.
  • Question 7
    1 / -0
    A letter of credit is
  • Question 8
    1 / -0
    Which of the following statements is / are true?
  • Question 9
    1 / -0
    A person who endorses a bill.
    Solution
    When bill is transferred from one person to another person it is called Endorsement of the Bill .
    The Person who Transfers the bill is called Endorser.
  • Question 10
    1 / -0
    A confirmed letter of credit is one which 
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