hey there dear learners welcome once again in this video clip i” m mosting likely to talk about phase 2 in the previous video clip i have currently discussed chapter one mcq technique inquiries of financial financing semester 2 syllabus in this phase i am mosting likely to discuss phase two which where the vital factors vital subjects are flexible tools as well as under negotiable tools cosigned promissory note bills of exchange checks dishonor of check and sorts of going across etc these i” ll be talking about so dear learners if you have not subscribed once again i” ll request you please do subscribe and also if you discover it valuable please simulate it and also share it with your good friends so let us carry on to the initial inquiry the very first question is which one is not the attributes of flexible tools easy and also totally free transferability excellent title to the transferee created and also time of repayment should be certain payable to one or more pays all of the above are features of flexible instruments so right here the pupils none of these points are not the personality all are the qualities so this point number e is the correct response to this inquiry which of the complying with is not the instrument as specified by the statute expenses of exchange promissory note checks so based on the law these 3 costs of exchange promissory note and also checks all are the example of negotiable tool so here once more this d this must be d instead of e so d is the right response right here relocating to the next what happens if in a tool the quantity undertaken or purchased to be paid is mentioned differently in figures as well as words whatever is composed on the instrument in numbers various and in words different what will certainly take place in that instance the tool will be dealt with as space because of uncertainty so this a will be the right answer this instrument will not stand it will be void okay it will certainly not be approved if the the quantity created in number and words both are various okay moving to the next which one of the adhering to is not the negotiable instrument by custom or makes use of federal government promissory notes commercial documents currency nodes right here the appropriate response is money nodes currency nodes you understand are not the flexible tool by custom or utilizes it is not a negotiable tool so d is the appropriate answer right here in flexible tool act the expense of exchange is covered under which section in which area this costs of exchange is reviewed it is reviewed in area 4 5 6 13 it is gone over in section 5 of the flexible tool act in negotiable tool act the check is covered or discussed which section it is discussed in area 5 checks are discussed in section sorry area 6 checks are uh check is covered in under section 6 of the negotiable instrument act so c is the appropriate solution in flexible tools act the promissory note is covered under which section so promissory note or p note is covered under section 4 of negotiable tool so a is the appropriate solution a cosigned promissory note is an instrument in a writing containing an and also dash endeavor authorized by the manufacturer to pay a particular sum of money so it” s a promissory note is an instrument in composing containing a conditional genuine undertaking direct endeavor indirect undertaking so it is an unconditional task authorized by the maker so b is the appropriate answer a cosigned promissory note is drawn and signed by dash who debenture the dashboard a particular sum of money pay maker payee information data lender creditor data so below the proper answer is the promissory note is attracted and signed by dater which is likewise known as maker okay and also who assures to pay the financial institution which is likewise called pe so the c is the appropriate answer here relocating to the next which one is not the features of cosigned promissory note or p keep in mind a promissory note must be in creating it must include an authorized task by the maker or debenture the assurance to pay must be unconditional and last factor time of payment of a p note or cosigned promissory note should doubt so this last factor is not the features of promissory note it is not unsure really time of repayment of p note must be specific fine so below it is written unclear so this is not the correct characteristic so d is the appropriate solution of this concern which of the following declaration is appropriate concerning expense of exchange a bill of exchange is self-liquidating paper it is a shiftable asset a bill of exchange is a genuine order authorized by the manufacturer every one of the above declaration are proper so here once again this d is the correct solution these are the features or features of bill of exchange alright transferring to the following inquiry which of the complying with statement is proper regarding parties to a bill of exchange there are several celebrations so what are this the maker of a costs of exchange is called drawer deal with the individual that is directed by the drawer to pay cash is called troy this is also correct the individual named in the flexible tool to whom or to whose order the cash is guided to be paid is called the payee so there are three parties draw draw and also pay so these all 3 are events and their interpretation is likewise appropriate so all declarations are correct so this you can see d is the correct solution here simply a second all right so all of the above d is the right answer transferring to the following question when the name of a few other individual is given up the instrument in addition to the name of the droid that individual is called reel in instance of need acceptor for honor as well as darcy acceptor so actually if some other individual” s name is offered in addition to the name of the droid it is referred to as reeling in case of requirement is the appropriate solution here in land bill and foreign bill are types of bills of exchange on the basis of purpose place parties records so the proper solution is the location in land and foreign expense on the basis of area it is classified on the basis of area so b is the correct solution order expense and also bearer expense are sorts of bills of exchange on the basis of events so c is the right response it is based upon the parties or the payee fine so transferring to the following profession expense and also accommodation costs are kinds of bills of exchange on the basis of purpose area celebrations time it is on the basis of purpose so a is the correct solution right here when the names of the cabinet or pay to the bill of exchange or both are make believe the expense is described as an usage bill demand expense clean costs and fictitious pill so here as it is recommending below additionally you can see it is called make believe expense when names of the cabinet or pay to the costs exchange or both are fictitious alright d is the appropriate solution all checks are bills of exchange however all bills of exchange are not checks this is a true declaration so a is the proper solution which statement is not fix concerning a check it is a bill drawn on a lender which is payable as needed a check is a genuine order on the defined banker this is additionally remedy a cheque has 3 events draw draw ip this is additionally right but an illustration is not always a banker this is wrong statement actually attract is constantly a lender so this not needs to not exist but our concern is which declaration is not deal with so this is this last statement is not correct so d is the appropriate response below which declaration is appropriate regarding sorts of checks an anti-dated check is one which has a date before the day of concern this is all correct statement a message dated check is one which is payable on a date which is yet to come this is additionally correct declaration if a check is presented for payment after six months from the day of the check it is called a stale check this is likewise right so every one of the above declaration are appropriate d will be the correct answer here okay d will be the right response dear students alright relocating to the following anyone that is in legal possession of a holder check can offer it to the lender and get it encashed so here the right solution is uh true or incorrect this statement is real or incorrect this declaration holds true okay so a is the appropriate solution which of the adhering to is not the qualities of a check checks are payable on demand may be anti-dated or post dated a specified sum of cash is written on it checks can not be printed so here this is the wrong uh declaration or it is not the qualities of check check so can be published it can be hand created so d is the proper response of this question if an individual commits offense of dishonor of check may be penalized with jail time for a term which may include 2 years or with a great twice the quantity of the check which is created on the cheque or both jail time and also great any of the above so proper response is any of the above either the very first one 2nd one or both very first and second c so any one of the above is right solution fine so d will be the proper what is the complete kind of m i c r utilized in checks magnetic in instance recognition magnetic in personality acknowledgment magnetic ink personality recognition this is a you understand code which is created on the checks where you understand clearing up is done easily and also fastly alright magnetic ink personality recognition m-i-c-r code alright this is the full form of micr general crossing spatial going across and limiting crossing are three types of crossing of what bills of exchange checks only” s profession expense it is only uh the 3 kinds of going across of checks so b is the appropriate response below all the ideal pupils succeed
