A Negotiable Instrument is a formal document that ensures the payment of a designated sum of money to the bearer or a named individual. It is designed to be transferable and serves as a substitute for cash in business transactions, thereby enhancing the efficiency of trade and credit. Common examples of negotiable instruments include checks, … Read more
A Negotiable Instrument(NI) is a formal document that ensures the payment of a predetermined sum of money, either upon request or at a designated time, with the ability for the payee’s name to be transferred through endorsement or delivery. This instrument is essential in promoting trade and commerce by guaranteeing secure financial exchanges. Characteristics of … Read more
A seller becomes unpaid seller when he/ she fails to get the whole payment from the buyer in time or when the bank dishonors the negotiable instrument received by him for payment. Rights of an Unpaid Seller Against the Buyer Personally Rights of an Unpaid Seller Against the Goods These rights help the unpaid seller … Read more
Unpaid Seller A seller becomes unpaid seller when he/ she fails to get the whole payment from the buyer in time or when the bank dishonors the negotiable instrument received by him for payment. The Contract Act, 2056 has not defined the term unpaid selller. Section 45(2) of Indian Sale of goods Act, 1930 has … Read more