True or false about negotiable instruments

Exercise and reference answers

Questions

1. Statement is true

   No

   Statement

   A currency note is a promissory note.

2. Statement is true

   No

   Statement

   Figures beat words when the two differ.

3. Statement is true

   Yes

   Statement

   A cheque is always payable on demand.

4. Statement is true

   No

   Statement

   A minor can bind himself on a note.

5. Statement is true

   Yes

   Statement

   Two transverse lines cross a cheque generally.

6. Statement is true

   Yes

   Statement

   A banker's name crosses a cheque specially.

Instructions

Decide whether each statement is true or false.

Explanation