Limited Liability Partnership (LLP) is an incorporated partnership formed and registered under the Limited Liability Partnership Act 2008 with limited liability and perpetual succession. The…
What is Cheque? A cheque is a bill of exchange, drawn on a specified banker and it includes ‘the electronic image of truncated cheque’ and…
What is Discharge of Contract? Discharge of Contract: A contract is discharged when the rights and obligations created by it are extinguished (i.e. comes to…
13 Essential Elements of a Valid Contract 13 Essential Elements of a Valid Contract are discussed below: Offer and AcceptanceCapacity of the partiesConsiderationConsentFree ConsentCoercionUndue InfluenceFraudMisrepresentationMistakeUnlawful…
What is offer in Business Law? An offer is a proposal by one person to another to enter into a contract. The term offer is…
What is Bill of Exchange? A bill of exchange is defined as an instrument in writing containing an unconditional order, signed by the maker, directing…
What is Promissory Note? Section 4 of the Act defines, “A promissory note is an instrument in writing (note being a bank-note or a currency…
What is Crossing of Cheque? The crossing of Cheque means that the specific cheque can only be deposited straightway into a bank account and cannot…
What is an Endorsement? Endorsement means, "the writing of one’s name on the back of the instrument or any paper attached to it with the…
Negotiable Instruments Act Section 13 of the Negotiable Instruments Act states that a negotiable instrument is a promissory note, bill of exchange or a cheque…