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Bill of Exchange Test - 18

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Bill of Exchange Test - 18
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  • Question 1
    1 / -0
    ____________ means payment of  bill before due date.
    Solution
    Retirement of Bill Means Payment of the Bill before Due Date.
  • Question 2
    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 3
    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 4
    1 / -0
    The person who transfers the ownership of 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 5
    1 / -0
    ________ is the person who makes or draws the promissory note.
    Solution
    Maker or Drawer is the person who makes or draws the promissory note to pay a certain amount as specified in the promissory note. He is also called the promisor.
  • Question 6
    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 7
    1 / -0
    __________________ means cancellation of old bill and drawing a new bill.
    Solution
    When on or before due date drawee finds himself unable to make the payment of the bill, he may request the drawer to cancel the old bill and accept a new one, this process is called renewal of the bill.
  • Question 8
    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 9
    1 / -0
    Payment of bill before due date _________________.
    Solution
    When drawee makes the payment of the bill before its due date it is called retirement of the bill.
  • Question 10
    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.
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