Business Law
Limited Liability Partnership Act 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 Act…
A cheque is a bill of exchange, drawn on a specified banker and it includes ‘the electronic image of truncated cheque’ and ‘a cheque in electronic form’.
Discharge of contract means the termination of a contractual relationship between parties. A contract is said to be discharged when it ceases to operate.
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