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

Agency, John owns a 1951 Mercedes Sl that he wishes to sell. He instructs R...

John owns a 1951 Mercedes Sl that he wishes to sell. He instructs Ross to sell the car, and in return, will be paid £5,000 commission. Ross manages to find a buyer, Paul, Paul and

Analyse the extent of the criminal liability, One night Mr Kokintou and Ms ...

One night Mr Kokintou and Ms Mangetou, entered into a housethrough a window which was negligently left open by the owner of the house.  Whilst Ms Mangetou was keeping guard at the

Civil law, Civil Law: Further civil law is affected with violations of...

Civil Law: Further civil law is affected with violations of private rights in their corporate or individual capacity egg breach of contract, negligence, defamation, nuisance,

Directors powers, Directors Powers: Equity regards directors as holdin...

Directors Powers: Equity regards directors as holding their powers on trust for the company. They can only exercise those powers for the benefit of the company, otherwise the

Pawan, Decode the Code Problem Description Smugglers are becoming very smar...

Decode the Code Problem Description Smugglers are becoming very smart day by day. Now they have developed a new technique of sending their messages from one smuggler to another. In

What are the right of confiscation and seizure, UNCTOC gives the right of C...

UNCTOC gives the right of Confiscation and Seizure to individual states. " 1. States Parties shall adopt, to the greatest extent possible within their domestic legal systems,

Small essay, i.Over the years a number of systems have been developed which...

i.Over the years a number of systems have been developed which record coded information across a range of factors about disabilities in ethnic communities. A new coding convention

Liability - company secretary, Liability:             The secretary is...

Liability:             The secretary is an officer of the company and thus he owes fiduciary duties to the company which are similar to those of a director, eg. he must act in

Purpose of the rule - statutory provisions, Purpose of the rule: It ha...

Purpose of the rule: It has been stated by various English judges that without the rule in Foss v Harbottle (i)            There would be futile actions.  A court order

Open national bidding, QUESTION 1 (a) What are the conditions for use o...

QUESTION 1 (a) What are the conditions for use of the Request for Sealed Quotation method? (b) Explain the procedures to be followed for the preparation of a shortlist for t

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