Acceptance - negotiable instruments, Business Law and Ethics

Acceptance - Negotiable Instruments

Meaning

The word "acceptance" such used in relation to bills of exchange like has a special meaning also. Acceptance of a bill of exchange is the signification through the drawee such he accepts the order of the drawer for pay over the sum stated for the payee. A bill of exchange is used through a debtor to settle his account with his creditor through, being an order to someone else for pay the sum stated like as opposed to a promise through the drawer to pay there, the creditor is not such normally going to take the bill in settlement unless whether the drawee acknowledges like he will meet the bill like and, since in totting up, if is a person of substance; so until he does make that acknowledgement, thus the drawee is under no liability at same the bill.

Conversely in practice, the bill is normally handed to the payee for present it to the drawee for getting although the drawee agrees to pay the bill, because he will sign his name across it, and through that act he accepts such the liability to meet the bill whether it is duly presented for payment also there.

Posted Date: 2/1/2013 7:14:21 AM | Location : United States







Related Discussions:- Acceptance - negotiable instruments, Assignment Help, Ask Question on Acceptance - negotiable instruments, Get Answer, Expert's Help, Acceptance - negotiable instruments Discussions

Write discussion on Acceptance - negotiable instruments
Your posts are moderated
Related Questions
Partnership Property Partnership property comprises all property originally brought in the partnership as well like acquired for the purposes of such the firm's businesses. Th

Q. Diffrence between phoenix activity and  honest behaviour? There are circumstances where a business has been managed responsibly and fails, and after a period of time, its di

Intellectual property refers to creations of the mind like inventions, artistic and literary works, designs, and more used for profit. There are two categories of intellectual prop

Determine the example of a relational contract A characteristic macro example of a relational contract with a strong lock-in effect is membership of a currency community. Self-

Protection of Hirer - Sales of Goods In the S.7 of the Act makes certain provisions void whether they are contained in such the hire purchase agreement, like e.g.: 1) Any t

Nuclear law The importance of international law relating to nuclear law lies in the fact that it regulates, conducts and prohibits the use of nuclear weapons. The United Nation

Judicial and Legislative Function of Chief Justice Judicial Function However a judge of the High Court and the court of Appeal he participates in the adjudicatory proce

It was late at night and very wet and, rather than wait for a taxi to take her home, Anna was only to happy to accept a lift from Michael. He smelt strongly of alcohol and had trou

FutureEd corp., a Bangladesh based catering company has decided to extend its catering business in the main divisional cities. They have come up with the decision to open up some r

It was noted by stakeholders that phoenix activity has evolved significantly over the past decade. First, the ATO noted that they are seeing significantly less 'asset stripping' of