MBAL-105: Legal Aspects in Business – Unit 16
Objectives: explain the valid methods of presenting a bill for acceptance and for payment; state the types of acceptance; describe the actions called noting and protesting after dishonour; and explain the effect of material alteration in an instrument.
Materials:
The relevant material is available here.
Questions:
- When is presentment for acceptance (a) necessary and (b) not necessary? What are the effects of non-presentment for acceptance?
- State the rules regarding presentment for accceptance.
- Who is an Acceptor for honour? Explain his rights and duties.
- What is noting and protesting? Why should it be done?
- How much a party is liable in an instrument discharged from such liability?