Essential Elements of a Valid Contract: Offer & Acceptance, Capacity, Consideration, Consent, Free Consent, Coercion, Undue Influence, Fraud Misrepresentation, Mistake, Unlawful Object, Contingent, Declared as Void.
When one person signifies to another, his willingness to do or abstain from doing anything with a view to obtaining the assent of the offer, to such an act or abstinence, he is said to make a proposal.
A bill of exchange is defined as an instrument in writing containing an unconditional order, signed by the maker, directing a certain person to pay a certain sum of money only.
A promissory note is an instrument in writing containing an unconditional undertaking, signed by the maker, to pay a certain sum of money to or to the order of a certain person, or to the bearer of the instruments.
The crossing of Cheque means that the specific cheque can only be deposited straightway into a bank account and cannot be instantly cashed by a bank.
Types of Endorsements: 1. Blank or General, 2. Special or Full, 3. Partial, 4. Restrictive, 5. Conditional or Qualified
12 Types of Negotiable Instruments: Bearer, Order, Demand, Time, Inland, Foreign, Ambiguous,. Inchoate, Accommodation, Fictitious, Documentary, Clean bill
Negotiable Instrument means a promissory note, bill of exchange or cheque, payable either to order or to the bearer. In business transactions, a clear knowledge of all these are required.
The seller to whom the full price of the goods sold has not been paid the price is known as an unpaid seller.
Performance of a Contract It is the duty of the seller to deliver the goods and of the buyer to accept and pay for them,…