alleryStart learning →A promissory note or bill that specifies no time for payment is payable:
AThree days later
BPayable on demand
CThirty days later
DNinety days later
Answer & Solution
Correct answer: B. Payable on demand
Where no time for payment is specified, the instrument is treated as payable on demand under Section 19.
Keep practising Negotiable Instruments Act 1881
Browse all Negotiable Instruments Act 1881 questions for CA Foundation, or explore more Businesslaw topics.
Related questions
The Negotiable Instruments Act was passed as Act No. 26 of the year:The 2002 amendment of the Act inserted new sections numbered:Criminal liability for cheque dishonour entered the Act through an amendment of:Interim compensation in cheque dishonour cases was added by the Act of:Interim compensation under Section 143A must ordinarily be paid within:Interim compensation under Section 143A cannot exceed what share of the cheque?Cheque dishonour trials under the Act should aim to end within:Which court may try a Section 138 offence?