MBAL-105: Legal Aspects in Business – Unit 14
Objectives: explain the meaning and implications of promissory note, bill od exchange, hundi and cheque; discuss the meaning and implications of crossing; and describe the law relating to payment on cheque by banks and the extent of their protection.
Materials:
The relevant material is available here.
Questions:
- Explain the charachteristics of a valid promissory note. Give examples.
- What are the essential charachteristics of a bill of exchange?
- What are the different types of bills?
- Compare and contrast a bill with a hundi.
- Briefly describe the various types of hundies.