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

Contracts of guarantee, Contracts of Guarantee However a contract of g...

Contracts of Guarantee However a contract of guarantee or suretyship is such a contract through one person to answer that for the debt, such default or miscarriage of another.

Suggested actions for addressing phoenix activity, Q. Suggested actions for...

Q. Suggested actions for addressing phoenix activity? The following actions are suggested for addressing phoenix activity. Those that have been suggested are the actions that:

Ratification of corporate acts, Ratification of Corporate Acts: A numb...

Ratification of Corporate Acts: A number of English cases which are regarded as instances of lifting the veil are those relating to informal ratification by the members of act

Alteration of capital, Alteration of Capital: A company is empowered b...

Alteration of Capital: A company is empowered by S.63 to alter the provisions of its memorandum of association which relates to its registered or authorised capital. However,

Article 5 - state responsibilty, Article 5 - State Responsibilty Articl...

Article 5 - State Responsibilty Article 5. Acts of persons authorized by a state to act on their behalf then the state is responsible for the actions of that person. For exampl

Recent trends in phoenix activity, It was noted by stakeholders that phoeni...

It was noted by stakeholders that phoenix activity has evolved significantly over the past decade. First, the ATO noted that they are seeing significantly less 'asset stripping' of

Describe the law making process, Question 1: Discuss what types of norm...

Question 1: Discuss what types of norms can be used to help judges in their interpretation of statutes. Question 2: Discuss the concepts of originalism and dynamism in

Registration of prospectus, Registration of Prospectus:  S.43 (1) prov...

Registration of Prospectus:  S.43 (1) provides that no prospectus shall be issued by or on behalf of a company unless, on or before the date of its publication, there has been

Meaning of oppression, MEANING OF "OPPRESSION":                    The...

MEANING OF "OPPRESSION":                    The Section does not define the word "oppression" or what constitutes "oppressive conduct".  However, the Cohen Committee's Report

Penalty for improper appointment, PENALTY FOR IMPROPER APPOINTMENT:  ...

PENALTY FOR IMPROPER APPOINTMENT:           S.161 (4) provides that if any unqualified person is appointed as auditor, the person appointed, the company and every officer i

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