New 55% Off on All Courses - Enroll Now! Click Here

    Question

    Presumption under Section 118 of NI Act states that

    A every negotiable instrument was made or drawn for consideration Correct Answer Incorrect Answer
    B every instrument was endorsed for consideration Correct Answer Incorrect Answer
    C every instrument was transferred for consideration Correct Answer Incorrect Answer
    D Both a and b Correct Answer Incorrect Answer
    E All a,b and c Correct Answer Incorrect Answer

    Solution

    Section 118 NI Act - Presumptions as to negotiable instruments.—Until the contrary is proved, the following presumptions shall be made:— (a) of consideration:—that every negotiable instrument was made or drawn for consideration, and that every such instrument, when it has been accepted, indorsed, negotiated or transferred, was accepted, indorsed, negotiated or transferred for consideration;

    Practice Next