The Negotiable Instrument Act, 1881 Assignment Help
Negotiable instruments have a great importance in the modern business world. It may be noted that this instrument has gained a lot of significance as a principal instrument for discharging the business obligations. A negotiable instrument is a transferable document that meets certain conditions. At BookMyEssay, we have hired experienced law tutors who can provide the most unique and reliable The Negotiable Instrument Act, 1881 assignment help.
This instrument passes from one hand to another and is an integral part of the modern business instrument. In India, the negotiable instruments law are governed by the Negotiable Instrument Act, 1881. The law students often take The Negotiable Instrument Act, 1881 essay writing help from BookMyEssay.
This Act does not mention what it is, it just states that a negotiable instrument is “a promissory note, bill of exchange or cheque payable either to the bearer.” Section 13 of 1881 Negotiable Instrument Act does not state the characteristics of it but states the three instruments-bill of exchange, cheque, and a promissory note. Therefore, these three instruments are negotiable instruments according to the statute. But as section 13 of the Act does not restrict any other instrument that meets the features of negotiability for being treated as a negotiable instrument.
The Negotiable Instrument Act, 1881
The Negotiable instruments that are recognized by The Negotiable Instrument Act, 1881 are Bills of Exchange, Promissory Notes, and Cheques and one have to write most of it and for this avail BookMyEssay’s report writing services. A negotiable instrument can be defined as the paper that entitles a person to a sum of money that is transferable from one individual to another by delivery, or endorsement and delivery. When this Act came into force, there were 142 sections in total. Thereafter, the act was amended and new sections were introduced.
Liabilities of the parties
The main objective of this one was to look into the parties liabilities of the Negotiable Instruments. Before knowing the liabilities of the parties, a brief about the parties and their capacity to contract is needed. The parties to the instrument- the maker, the drawer, payee, drawee enter into a contract. Before entering into a contract, it is important that they should have the capacity for entering into valid contracts. Section 26 of the Act says that every person who is capable to contract may bind himself and is bound by drawing, making, endorsement, acceptance, delivery of a bill of exchange, a promissory note, or a cheque.
Section 11 of the Indian Contract Act says that a person who has attained the age of majority, is of sound mind, and not disqualified by any Act to enter into a contract is competent for entering into a valid contract.
Liability of the drawer
The drawer of a bill is essentially the maker of the cheque or the bill of exchange. The drawer of the bill according to section 30 of the Act is bound by the drawee or the acceptor of the cheque in case of dishonor for compensating the holder if due notice of the cheque dishonor has been given to or if received by the drawer. It may be noted that the drawer’s liability arises when there is dishonor of bill of exchange or cheque and nothing before that. A bill of exchange can be dishonored by non-payment or non-acceptance but a cheque, on the other hand, can be dishonored only in cases of non-payment.
The moment the cheque or bill of exchange is dishonored because of non-acceptance by a drawee, it must be seen whether the holder has a right of recourse against a drawer. It may be noted that the drawer is liable to pay when the drawee has dishonored the cheque or the bill of exchange.
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