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A minor borrowed some money on a promissory note. After attaining majority, he executed another promissory note in respect of the original loan plus the accrued interest. The creditor filed a suit to recover the money on the basis of the second promissory note. The suit is liable
Which of the following is/are true about the Negotiable Instruments Act, the Promissory Note?
1. Definition of Promissory Note is given in section 8 of the Negotiable Instrument Act
2. Containing an unconditional undertaking
3. To pay a certain sum of money only to a specific person or the bearer
4. The seller is bound to accept the promissory note
5. A document was written and signed by the payer/maker
X sues A and B on a promissory note executed by A, B is A's nephew, and he is joined as a defendant on the ground that A and B are member of a joint Hindu family, and that the note was for a debt binding on the family. None of the defendant appears at the hearing and an ex parte decree is passed against both the defendants.
The decree against A proceeds on the ground that the note was passed by him and against B on the ground that the debt was incurred for a family purpose. B applies for an order to set aside the decree, alleging that the summons was not served upon him and that the debt in respect of which the note was passed by A was not incurred for a family purpose. It is not disputed that the amount was actually advanced to A.
In the Money market which of the following statement's is/are incorrect?
1. The call money market deals in short-term finance repayable on demand, with a maturity period varying from one day to 14 days.
2. Treasury bills are instruments of short-term borrowing by the Government of India, issued as promissory notes under discount.
3. A reduction in the repo rate helps banks to get money at a cheaper rate.
4. Money market mutual funds invest money in specifically, high-quality and very short maturity based money market instruments.
In a promissory note, the amount of money payable
Where a promissory note is payable by instalments, and two or more instalments have become due, and the holder of the note sues only for one of the instalments and omits to sue for the other instalments.
Where a promissory note is payable by installments, and two or more installments have become due, and the holder of the note sues only for one of the installments and omits to sue for the other installments
The pie chart given below shows the amount spent by a boy on the purchase of six different items. The total amount spent on all these six items is Rs. 54000. The amount spent on a specific item is represented as a degree with reference to the total amount spent on all these six items. Which of the following statement(s) is/are correct? I. The amount spent on article A is Rs.900 less than the amount spent on article B. II. The amount spent on article C is Rs 2400 more than the amount spent on article D. III. The ratio of the amount spent on article B to the amount spent on article E is 4 : 1.
Each of the question below consists of a question and three statements number I, II and III given below it. You have to decide whether the data provided in the statement are sufficient to answer the question. Sid has a monthly income of Rs. 60000 out of which every month he saves some amount. He distributes some amount of money among his three sisters and one brother. Out of remaining amount of his income, he spends 40% on other things and rest of the amount is saved by him. What percent of money is received by each sister if each sister receives equal amount? Statement I: Each sister received Rs. 500 less than the amount received by brother and Sid’s other expenditure is Rs. 16800. Statement II: Sid saves Rs. 25200 on every month. Statement III: Each sister and brother received equal amount and saving are Rs. 25200.
Each of P, Q, R, S, and T have different amounts of money. T has more money than Q but less money than R. P has less money than only one person. S has the least amount of money. Who among them possesses highest amount of money?