Unit 5
Chapter 2
Kinds of Negotiable Instruments
āύেāĻোāĻিāϝ়েāĻŦāϞ āĻāύāώ্āĻ্ā§°ুāĻŽেāĻŖ্āĻā§° āĻĒ্ā§°āĻাā§°
Questions
āĻĒ্ā§°āĻļ্āύāϏāĻŽূāĻš
MULTIPLE CHOICE QUESTIONS
āĻāĻাāϧিāĻ āĻŦিāĻāϞ্āĻĒāĻĒ্ā§°āĻļ্āύ
1. Promissory note is an :
1. āĻĒ্ā§°āĻŽিāĻā§°ী āĻোāĻা āĻšৈāĻে āĻāĻা :
(a) Unconditional order (b) Unconditional undertaking (c) Both a and b (d) None of the above
(āĻ) āĻā§°্āϤāĻšীāύ āĻāĻĻেāĻļ (āĻ) āĻā§°্āϤāĻšীāύ āĻĒ্ā§°āϤিāĻļ্ā§°ুāϤি
(āĻ) āĻ āĻā§°ু āĻ (āĻ) āĻāĻĒā§°ā§° āĻোāύোāĻোā§ąেāĻ āύāĻšāϝ়
Ans: (b) Unconditional undertaking
āĻāϤ্āϤ⧰: (āĻ) āĻā§°্āϤāĻšীāύ āĻĒ্ā§°āϤিāĻļ্ā§°ুāϤি
2. A conditional instrument is a :
2. āĻā§°্āϤāϏাāĻĒেāĻ্āώ āϏঁāĻুāϞি āĻāĻা āĻšৈāĻে:
(a) Valid instrument (b) Invalid instrument (c) Partially Valid (d) None of the above
(āĻ) āĻŦৈāϧ āϏঁāĻুāϞি (āĻ) āĻ āĻŦৈāϧ āϏঁāĻুāϞি
(āĻ) āĻংāĻļিāĻāĻাā§ąে āĻŦৈāϧ (āĻ) āĻāĻĒā§°ā§° āĻোāύোāĻো āύāĻšāϝ়
Ans: (b) Invalid instrument
āĻāϤ্āϤ⧰: (āĻ) āĻ āĻŦৈāϧ āϏঁāĻুāϞি
3. Promissory note must be signed by the ?
3. āĻĒ্ā§°āĻŽিāĻā§°ী āĻোāĻাāĻো āϏ্āĻŦাāĻ্āώ⧰ āĻā§°িāĻŦ āϞাāĻিāĻŦ?
(a) Promissor (b) Payee (c) Maker (d) Drawer
(āĻ) āĻĒ্ā§°āĻŽিāĻā§° (āĻ) āĻĒā§°িāĻļোāϧāĻাā§°ী
(āĻ) āύিā§°্āĻŽাāϤা (āĻ) āĻĄ্ā§°āϝ়াā§°
Ans: (c) Maker
āĻāϤ্āϤ⧰: (āĻ) āύিā§°্āĻŽাāϤা
4. Which of the following instrument is allowed Grace Days?
4. āύিāĻŽ্āύāϞিāĻিāϤ āĻোāύāĻো āϏঁāĻুāϞিāĻ āĻ্ā§°েāĻ āĻĄেāĻā§° āĻ āύুāĻŽāϤি āĻĻিāϝ়া āĻšৈāĻে? (a) Instrument not payable on demand (b) Instrument not payable (c) Instrument not payable on presentment (d) All of the above
(āĻ) āĻাāĻšিāĻĻাā§° āĻāĻĒā§°āϤ āĻĒā§°িāĻļোāϧ āĻā§°িāĻŦ āύোā§ąাā§°া āϏঁāĻুāϞি (āĻ) āϏঁāĻুāϞি āĻĒā§°িāĻļোāϧ āϝোāĻ্āϝ āύāĻšāϝ়
(āĻ) āĻāĻĒāϏ্āĻĨাāĻĒāύ⧰ āĻāĻĒā§°āϤ āĻĒā§°িāĻļোāϧ āĻā§°িāĻŦ āύোā§ąাā§°া āϏঁāĻুāϞি (āĻ) āĻāĻĒā§°োāĻ্āϤ āϏāĻāϞোāĻŦোā§°
Ans: (d) All of the above
āĻāϤ্āϤ⧰: (āĻ) āĻāĻĒā§°ā§° āϏāĻāϞোāĻŦোā§°
5. Bill of exchange must be accepted by the?
5. āĻŦিāύিāĻŽāϝ় āĻŦিāϞ āĻāϝ়াā§° āĻĻ্āĻŦাā§°া āĻ্ā§°āĻšāĻŖ āĻā§°িāĻŦ āϞাāĻিāĻŦ? (a) Drawer (b) Maker (c) Payee (d) Drawee
(āĻ) āĻĄ্ā§°āϝ়াā§° (āĻ) āύিā§°্āĻŽাāϤা
(āĻ) āĻĒā§°িāĻļোāϧāĻā§°্āϤা (āĻ) āĻĄ্ā§°āϝ়ী
Ans: (d) Drawee
āĻāϤ্āϤ⧰: (āĻ) āĻĄ্ā§°āϝ়ী
FILL IN THE BLANKS
āĻাāϞী āĻ াāĻāĻŦোā§° āĻĒূā§°āĻŖ āĻā§°āĻ
1. One on whom bill is drawn is called as .......... [drawer/drawer]
1. āϝাā§° āĻāĻĒā§°āϤ āĻŦিāϞ āĻ ংāĻāύ āĻā§°া āĻšāϝ় āϤেāĻঁāĻ .āĻŦুāϞি āĻোā§ąা āĻšāϝ়....... [āĻĄ্ā§°āϝ়াā§°/āĻĄ্ā§°āϝ়াā§°]
Ans: (1) Drawer
āĻāϤ্āϤ⧰: (1) āĻĄ্ā§°āϝ়াā§°
2. B/E payable at sight is payable on .......... [demand/presentment]
2. āĻĻৃāώ্āĻিāϤ āĻĒā§°িāĻļোāϧ āĻā§°িāĻŦāĻĒā§°া āĻŦি/āĻ. [āĻাāĻšিāĻĻা/āĻāĻĒāϏ্āĻĨাāĻĒāύ]
Ans: (2) Demand
āĻāϤ্āϤ⧰: (2) āĻাāĻšিāĻĻা
3. Cheque is always drawn upon a........ [bank/drawee]
3. āĻেāĻ āϏāĻĻাāϝ়ে āĻāĻা ... [āĻŦেংāĻ/āĻĄ্ā§°āϝ়ী]
Ans: (3) Banker
āĻāϤ্āϤ⧰: (3) āĻŦেংāĻাā§°
4. Validity of a cheque is ............months [6/3]
4. āĻেāĻāĻāĻāύ⧰ āĻŦৈāϧāϤা āĻšৈāĻে ........ āĻŽাāĻš [6/3]
Ans: (4) 3
āĻāϤ্āϤ⧰: (4) 3
5. Cheque is always payable on ......... [demand/order]
5. āĻেāĻ āϏāĻĻাāϝ়ে .... [āĻĻাāĻŦী/āĻ ā§°্āĻĄাā§°]
Ans: (5) Demand
āĻāϤ্āϤ⧰: (5) āĻাāĻšিāĻĻা
TRUE/FALSE
āϏāϤ্āϝ/āĻŽিāĻা
1. A bill drawn, accepted or endorsed without consideration is called as an accommodation bill.
1. āĻŦিāĻŦেāĻāύা āύāĻā§°াāĻৈ āĻ ংāĻিāϤ, āĻ্ā§°āĻšāĻŖ āĻā§°া āĻŦা āϏāĻŽā§°্āĻĨāύ āĻā§°া āĻŦিāϧেāϝ়āĻāĻ āĻā§ąাāϏ āĻŦিāϧেāϝ়āĻ āĻŦুāϞি āĻোā§ąা āĻšāϝ়।
Ans: (1) True
āĻāϤ্āϤ⧰: (1) āϏঁāĻা
2. An inchoate instrument is a complete instrument.
2. āĻāĻ্āĻোāϝ়েāĻ āϏঁāĻুāϞি āĻāĻা āϏāĻŽ্āĻĒূā§°্āĻŖ āϏঁāĻুāϞি।
Ans: (2) False
āĻāϤ্āϤ⧰: (2) āĻŽিāĻা
3. A negotiable instrument delivered conditionally is called an escrow.
3. āĻā§°্āϤāϏাāĻĒেāĻ্āώে āĻĒ্ā§°āĻĻাāύ āĻā§°া āĻāĻ āĻŽীāĻŽাংāϏাāϝোāĻ্āϝ āϏঁāĻুāϞিāĻ āĻāϏ্āĻ্ā§°' āĻŦুāϞি āĻোā§ąা āĻšāϝ়।
Ans: (3) True
āĻāϤ্āϤ⧰: (3) āϏঁāĻা
4. A promissory note made in India, but payable in England is an example of a foreign instrument.
4. āĻাā§°āϤāϤ āϤৈāϝ়াā§° āĻā§°া āĻāĻ āĻĒ্ā§°āĻŽিāĻā§°ী āĻোāĻা, āĻিāύ্āϤু āĻংāϞেāĻŖ্āĻĄāϤ āĻĒā§°িāĻļোāϧ āϝোāĻ্āϝ āĻšৈāĻে āĻŦিāĻĻেāĻļী āϏঁāĻুāϞিā§° āĻāĻ āĻāĻĻাāĻšā§°āĻŖ।
Ans: (4) True
āĻāϤ্āϤ⧰: (4) āϏঁāĻা
5. Exact mirror image of a paper cheque, is called as a cheque in the electronic form.
5. āĻাāĻāĻā§° āĻেāĻā§° āϏāĻ িāĻ āĻŽিā§°'ā§° āĻāĻŦি, āĻāϞেāĻ্āĻ্ā§°āύিāĻ āĻĒ্ā§°āĻĒāϤ্ā§°āϤ āĻেāĻ āĻšিāĻাāĻĒে āĻোā§ąা āĻšāϝ়।
Ans: (5) True
āĻāϤ্āϤ⧰: (5) āϏঁāĻা
SHORT QUESTIONS
āĻāĻŽু āĻĒ্ā§°āĻļ্āύ 1. Differentiate between bill of exchange and promissory
1. āĻŦিāϞ āĻ āĻĢ āĻāĻ্āϏāĻেāĻ্āĻ āĻā§°ু āĻĒ্ā§°āĻŽিāĻā§°ীā§° āĻŽাāĻāϤ āĻĒাā§°্āĻĨāĻ্āϝ āĻā§°āĻ
Ans:
2. Differentiate between bill of exchange and cheque.
2. āĻŦিāϞ āĻ āĻĢ āĻāĻ্āϏāĻেāĻ্āĻ āĻā§°ু āĻেāĻā§° āĻŽাāĻāϤ āĻĒাā§°্āĻĨāĻ্āϝ āĻā§°āĻ।
Ans:
3. Explain briefly about:
3. āĻāĻŽুāĻৈ āĻŦā§°্āĻŖāύা āĻā§°āĻ:
Order Instrument Bearer Instrument
āĻ ā§°্āĻĄাā§° āĻāύāώ্āĻ্ā§°ুāĻŽেāĻŖ্āĻ
āĻŦাāĻšāĻ āϏঁāĻুāϞি
Ans:
4. Can a cheque be payable on demand?
4. āĻাāĻšিāĻĻা āĻ āύুāϝাāϝ়ী āĻেāĻ āĻāĻা āĻĒā§°িāĻļোāϧ āĻā§°িāĻŦ āĻĒাā§°িāύে?
Ans:
5. What do you mean by payable after sight for both bill of exchange and a promissory note?
5. āĻŦিāϞ āĻ āĻĢ āĻāĻ্āϏāĻেāĻ্āĻ āĻā§°ু āĻĒ্ā§°āĻŽিāĻā§°ী āύোāĻ āĻĻুāϝ়োāĻাā§° āĻŦাāĻŦে āĻĻā§°্āĻļāύ⧰ āĻĒিāĻāϤ āĻĒā§°িāĻļোāϧ āϝোāĻ্āϝ āĻŦুāϞি āĻāĻĒুāύি āĻি āĻŦুāĻাāϝ়?
Ans:
6. What is the significance of acceptance in a bill of exchange?
ā§Ŧ. āĻŦিāύিāĻŽāϝ় āĻŦিāϧেāϝ়āĻāϤ āĻ্ā§°āĻšāĻŖāϝোāĻ্āϝāϤাā§° āϤাā§āĻĒā§°্āϝ āĻি?
Ans:
7. How is the due date calculated for a bill of exchange payable two months after sight? The bill was presented for sight on 1 Jan, 2015.
7. āĻĻৃāώ্āĻিā§° āĻĻুāĻŽাāĻš āĻĒিāĻāϤ āĻĒā§°িāĻļোāϧ āĻā§°িāĻŦāϞāĻা āĻŦিāύিāĻŽāϝ় āĻŦিāϞ⧰ āĻŦাāĻŦে āĻĻেāϝ় āϤাā§°িāĻ āĻেāύেāĻĻā§°ে āĻāĻŖāύা āĻā§°া āĻšāϝ়? āĻŦিāϧেāϝ়āĻāĻāύ 1 āĻাāύুā§ąাā§°ী, 2015 āϤাā§°িāĻে āĻĻā§°্āĻļāύ⧰ āĻŦাāĻŦে āĻāĻĒāϏ্āĻĨাāĻĒāύ āĻā§°া āĻšৈāĻিāϞ।
[Hint:- 1. Jan' 2015 + 2 Months +3 Days of grace]
[āĻāĻ্āĻিāϤ:- 1। āĻাāύুā§ąাā§°ী 2015 + 2 āĻŽাāĻš +3 āĻĻিāύ⧰ āĻ āύুāĻ্ā§°āĻš]
Ans:
8. Write short notes on:
8. āĻāĻŽু āĻোāĻা āϞিāĻāĻ:
Inchoate Instruments Escrow Accommodation Bills Fictitious Bills Bills in sets • Truncated cheque
āĻāĻ্āĻোāϝ়েāĻ āĻāύāώ্āĻ্ā§°ুāĻŽেāĻŖ্āĻāĻāϏ্āĻ্ā§°ো
āĻā§ąাāϏ āĻŦিāϞ āĻাāϞ্āĻĒāύিāĻ āĻŦিāϞ
āĻ্ā§°াংāĻেāĻেāĻĄ āĻেāĻā§° • āĻেāĻāϤ āĻŦিāϞ
Ans:
LONG QUESTION
āĻĻীāĻāϞীāϝ়া āĻĒ্ā§°āĻļ্āύ
1. What is a promissory note? What are its essentials?
1. āĻĒ্ā§°āĻŽিāĻā§°ী āĻোāĻা āĻি? āĻāϝ়াā§° āĻĒ্ā§°āϝ়োāĻāύীāϝ়āϤাāĻŦোā§° āĻি?
Ans:
2. What is a bill of exchange? What are its essentials?
2. āĻŦিāύিāĻŽāϝ়ā§° āĻŦিāϞ āĻি? āĻāϝ়াā§° āĻĒ্ā§°āϝ়োāĻāύীāϝ়āϤাāĻŦোā§° āĻি?
Ans:
3. Distinguish between :-
3. āĻŽাāĻāϤ āĻĒাā§°্āĻĨāĻ্āϝ āĻā§°āĻ
Cheque & a Bill of Exchange
Promissory Note &a Bill of Exchange
āĻেāĻ āĻā§°ু āĻŦিāϞ āĻ āĻĢ āĻāĻ্āϏāĻেāĻ্āĻ āĻĒ্ā§°āĻŽিāĻā§°ী āύোāĻ āĻā§°ু āĻŦিāϞ āĻ āĻĢ āĻāĻ্āϏāĻেāĻ্āĻ
Ans:
Edit By- Mandira Saha
Post Id: DABP003558