Negotiable Instrument Act Flashcards
1
Q
What does it define ?
A
Promissory notes , bills of exchange and cheques
2
Q
What is a negotiable instrument ?
A
It is any legal document that promises to pay bearer or holder of instrument or person specific amount of money on or after specified amount of time
3
Q
What does it specify ?
A
Penalties for bouncing of cheques and other violations w.r.t such negotiable instruments
