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Under Section 46, with respect to negotiation, delivery of the instrument is:
ARequired only for bearer instruments
BEssential to complete negotiation; until delivery the contract is incomplete and revocable
COptional
DRequired only for cheques
Answer & Solution
Correct answer: B. Essential to complete negotiation; until delivery the contract is incomplete and revocable
Delivery (actual or constructive) is essential to complete negotiation; until delivery the instrument's contract remains incomplete and revocable.
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