Law Mercantile law is a part of civil law. It governs and regulates the trade and commerce in the country. Mercantile law deals with the needs of a business man. This includes laws relating to insurance, partnerships, contracts, companies, negotiable instruments, arbitration, carriage of goods etc. A mercantile law in Pakistan is taken from the English law. So it follows the English laws to a considerable extent with some modifications and reservations to suite with the Indian conditions and practices
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1. Introduction 1.1 From the dawn of human civilization, we, human being are directly or indirectly dependent to each other. For our better living, we created family, then formed group/society, then country and international community. Each individual, each family, each group and each country are dependent on each other by some means. For the easy exchange of dependency, people introduced business. “Business is defined as the exchange of goods, services or money for mutual benefit or profit.”
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conceal or disguise the illicit origin of the property or smuggle money and property earned through legal and illegal means abroad. 2.to conduct, or attempt to conduct a financial transaction with intent to avoid a reporting requirement under this act. 3.to do or to do attempt to do such activities as the illegitimate source or the money or property may be concealed or disguised or knowingly assist to perform or to conspire to perform such activities. 1.banks 2.financial institution 3.insurence
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ratify all invalid acts as valid on attaining majority at any time. 3. Which of the following will amount to material alteration of a cheque? a. When the holder crosses an uncrossed cheque. b. When the holder converts general crossing into special crossing by adding the name of the banker on he face of the cheque. c. When the holder converts special crossing into general crossing by erasing the name of the banker in the cheque. d. When the holder adds the word “Not negotiable.” e. When a banker crosses
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ratify all invalid acts as valid on attaining majority at any time. 3. Which of the following will amount to material alteration of a cheque? a. When the holder crosses an uncrossed cheque. b. When the holder converts general crossing into special crossing by adding the name of the banker on he face of the cheque. c. When the holder converts special crossing into general crossing by erasing the name of the banker in the cheque. d. When the holder adds the word “Not negotiable.” e. When a banker
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1. Scope It is now fairly well-settled that no person can sue on a negotiable instrument unless he is named therein as the payee or unless he becomes entitled to it as indorsee or becomes the bearer of an instrument payable to bearer. In the Full Bench case reported in Subba Narayana Vathiyar v. Ramaswami Aiyar,1 it has been held that in a suit on a negotiable instrument by the payee or indorsee, it is not open to the defendant to plead that the plaintiff is a mere benamidar not entitled to payment
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an account with another bank’.The statutory protection under section 131 and 131A of the Negotiable Instruments Act, 1881, is available to a collecting banker only if the banker inter alia receives payment of a cheque or a draft for a customer. Though a customer is a very important person for a bank, he appears only once in law of Negotiable Instrument (i.e., in section 131 of the Negotiable Instruments Act) and even there only casually; he is neither defined nor explained. A customer of a banker
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country. Q.9(A). Define Credit Instruments. Credit Instruments are the documents describing details of credit and debit. Credit Instruments provide a written means fro future reference describing terms and conditions of any debt and loan. Credit Instruments may be an order for payment of money to a specified person or it may be a promise to pay the loan. Credit Instruments generally in use are cheques, bills of exchanges, bank overdraft etc. KINDS OF CREDIT INSTRUMENTS There are two broad
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satisfies the essential requirements laid down in the acts. Section 10 lays down that ‘all the agreement are contracts if they are made by the free consent of the parties competent to contract for a lawful object and are not hereby expressly declared to the void’. The following are the essentials: a) Agreement: An agreement which is preliminary to every contract is the outcome of offer and acceptance. An offer to do or not to do a particular act is made by one party and is accepted by the other to
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Course Code: FM-306 Lesson: 1 Author: Dr. S.S. Kundu Vetter: Dr. B.S. Bodla NEGOTIABLE INSTRUMENTS ACT, 1881 STRUCTURE 1.0 1.1 1.2 1.3 1.4 1.5 Objectives Introduction Meaning of Negotiable Instruments Characteristics of a negotiable instrument Presumptions as to negotiable instrument Types of negotiable Instrument 1.5.1 Promissory notes 1.5.2 Bill of exchange 1.5.3 Cheques 1.5.4 Hundis 1.6 Parties to negotiable instruments 1.6.1 Parties to Bill of Exchange 1.6.2 Parties to a Promissory Note 1.6.3
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