Acceptance - negotiable instruments, Business Law and Ethics

Assignment Help:

Acceptance - Negotiable Instruments

Meaning

The word "acceptance" such used in relation to bills of exchange like has a special meaning also. Acceptance of a bill of exchange is the signification through the drawee such he accepts the order of the drawer for pay over the sum stated for the payee. A bill of exchange is used through a debtor to settle his account with his creditor through, being an order to someone else for pay the sum stated like as opposed to a promise through the drawer to pay there, the creditor is not such normally going to take the bill in settlement unless whether the drawee acknowledges like he will meet the bill like and, since in totting up, if is a person of substance; so until he does make that acknowledgement, thus the drawee is under no liability at same the bill.

Conversely in practice, the bill is normally handed to the payee for present it to the drawee for getting although the drawee agrees to pay the bill, because he will sign his name across it, and through that act he accepts such the liability to meet the bill whether it is duly presented for payment also there.


Related Discussions:- Acceptance - negotiable instruments

Types of capital, Types of Capital: A company's capital at any given m...

Types of Capital: A company's capital at any given moment may consist of: a)      NOMINAL OR AUTHORISED CAPITAL This is the capital that is stated in the memorandum of a

Advantages of arbitration, Advantages of Arbitration (a) First is, Sp...

Advantages of Arbitration (a) First is, Speed : It is a faster scheme of dispute resolution (b) Second is, Convenient : Parties are free for determine as; Th

Functions of law, Functions of Law: we discuss like, how can be utiliz...

Functions of Law: we discuss like, how can be utilized Functions of Law:;- are (i)         For Rules of law facilitate administration of justice.  It is an instrument used

Elements of a contract - offer, Elements of a Contract - Offer Further...

Elements of a Contract - Offer Further this is an unequivocal manifestation through one party of its intention to contract into another. So well it is a clear intimation for i

Representative action, Representative action: Where individual shareho...

Representative action: Where individual shareholders have suffered personal loss in addition to the injury to the company one shareholder may bring a representative action on

Remedies of the ultra vires lender, Remedies of the Ultra Vires Lender: ...

Remedies of the Ultra Vires Lender:                          In Sinclair v Brougham (26) the House of Lords explained that no action or suit lies at law or in equity to recove

Money lent - effect of ultra vires transaction, Money Lent: According ...

Money Lent: According to the decision in Re: David Payne & Co Ltd (23), a person lending money to a company is not bound to enquire as to why the company requires the money. H

The employment rights act (eria) provides a prescribed form, QUESTION (...

QUESTION (a) Under the UTM Regulations, an unsatisfied student can entertain an academic appeal within 10 days from the date he gets his result. X gets his result on the 3rd of

Court of appeal - establishment and composition, Court of Appeal - Establis...

Court of Appeal - Establishment and Composition Establishment Therefore the Court of Appeal was established on date 28th October in year 1977 through Section 64(1) of t

What is the territorial sovereignty, What is the territorial sovereignty ...

What is the territorial sovereignty The territorial sovereignty includes the land territory, the territorial sea, the seabed and the subsoil of the territorial sea. It also inc

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd