🎴 Flashcard Mode
Negotiable Instruments Act, 1881
Card1 / 15
Mastered0
Review0
QuestionClick to flip
What is the legal definition of a 'negotiable instrument' as per the Negotiable Instruments Act, 1881?
AnswerClick to flip back
A
A written instrument that promises to pay a certain sum of money to a specified person or bearer.
💡 Explanation:
According to the Negotiable Instruments Act, 1881, a negotiable instrument is a written document that contains an unconditional promise to pay a certain sum of money to a specified person or the bearer of the instrument.