Cheque

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…

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Discharge of Contract

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…

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Essential Elements of a Valid Contract

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…

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Bill of Exchange

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…

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Promissory Note

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…

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Crossing of Cheque

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…

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