Negotiable Instrument is freely transferable by delivery if it is a instrument.

(a)

Order

(b)

Bearer

(c)

Both a & b

(d)

None of the above

Which endorsement relieves the endorser from incurring liability in the event of dishonour

(a)

Restrictive

(b)

Faculative

(c)

Sans recourse

(d)

Conditional

Document of title to the goods exclude ______________

(a)

Lorry receipt

(b)

Railway receipt

(c)

Airway bill

(d)

Invoice

The cheque is to be signed by the

(a)

drawee

(b)

banker

(c)

drawer

(d)

none of these

An instrument which is not inland instrument is called

(a)

Foreign instrument

(b)

Bearer instrument

(c)

Inland instrument

(d)

Ambiguous instrument

When an instrument has been lost it is presumed that it was

(a)

expired

(b)

duly stamped

(c)

stolen

(d)

misplaced

The number of parties to a promissory note is

(a)

2

(b)

4

(c)

3

(d)

6

Holder of an instruments is a person who holds the instrument.

(a)

for a longer period

(b)

before maturity

(c)

after maturity

(d)

on behalf of the owner

An __________  instrument means an instrument which can be construed either as a promissory note or a bill of exchange.

(a)

Inchoate

(b)

Ambiguous

(c)

Time

(d)

Clean bill

A negotiable instrument is freely transferable, by delivery if it is a/an _______________ instrument.

(a)

order

(b)

bearer

(c)

both 'a' and 'b'

(d)

none of these