Bill of Exchange – NBC Institute

BL – Nov 2020 – L1 – SA – Q15 – Negotiable Instruments

Objective question on identifying the legal status of a payee in possession of a bill after providing consideration.

Question

15. A payee that is in possession of a bill he obtained after giving consideration to the drawer is known in law as
A. Holder for value
B. Holder in due course
C. Drawee
D. Holder of bill
E. Holder for the meantime

Answer

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Tags: Bill of Exchange, Holder in Due Course, Law of Negotiability, Negotiable Instruments
Level: Level 1

Topic: Negotiable Instruments
Series: NOV 2020

BL – Nov 2011 – L1 – SB – Q6 – Negotiable Instruments

Understanding the characteristics of negotiable instruments, banker's duties, revocation of wills, and parties to a bill of exchange.

Question

(a) State FOUR characteristics of a negotiable instrument. (4 Marks)

(b) Mr. Eddie is a customer of Perfect Bank Limited. He issued a cheque for the sum of N20,000 to Mr. Jossy. At the time of issuing the cheque, his account was in credit to the tune of N150,000. The cheque was dishonored by the bank. Mr. Eddie wants to sue the bank. You are required to advise Mr. Eddie. (5 Marks)

(d) State the parties to a Bill of Exchange. (3 Marks)

Answer

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Tags: Banker-Customer Relationship, Bill of Exchange, Negotiable Instruments, Revocation, Will
Level: Level 1

Topic: Negotiable Instruments
Series: NOV 2011

BL – Nov 2011 – L1 – SA – Q1 – Negotiable Instruments

The question tests knowledge of the term used when an endorser specifies to whom a bill is payable

Question

Where an endorser signs the Bill and expressly states to whom or to whose order the Bill is now payable, the endorsement is referred to as …………………………………….

Answer

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Tags: Banking, Bill of Exchange, Endorsement, Negotiable Instruments
Level: Level 1

Topic: Negotiable Instruments
Series: NOV 2011

BL – Nov 2011 – L1 – SA – Q8 – Negotiable Instruments

Identify which type of acceptance does not qualify as a qualified acceptance of a Bill.

Question

A qualified acceptance of a Bill may occur in any of the following ways EXCEPT by:
A. Conditional acceptance
B. Partial acceptance
C. Restriction of payment to a place
D. Signature
E. Stipulation of time of payment

Answer

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Tags: Acceptance, Bill of Exchange, Negotiable Instruments
Level: Level 1

Topic: Negotiable Instruments
Series: NOV 2011

BL – Nov 2022 – L1 – SB – Q1d – Negotiable Instruments

Identifying circumstances under which a bill of exchange may be discharged.

Question

A bill of exchange may be discharged under several circumstances.

Required:
State four circumstances under which a bill of exchange may be discharged.

Answer

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Tags: Bill of Exchange, Discharge, Negotiable Instruments
Level: Level 1

Topic: Negotiable Instruments
Series: NOV 2022

BL – Nov 2023 – L1 – SA – Q17 – Negotiable Instruments

This question asks about the condition when a bill of exchange is considered discharged.

Question

When every right of action on a bill of exchange has been extinguished, the bill is said to be
A. Nullified
B. Negotiated
C. Discharged
D. Activated
E. Vanquished

Answer

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Tags: Bill of Exchange, Discharge, Negotiable Instruments
Level: Level 1

Topic: Negotiable Instruments
Series: NOV 2023

BL – Nov 2019 – L1 – SB – Q6c – Negotiable Instruments

Explanation of endorsement and negotiation of a bill of exchange.

Question

A Bill of Exchange is a type of negotiable instrument.
Required:
Explain briefly, the following:
i. Endorsement of a Bill; and
ii. Negotiation of a Bill.

Answer

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Tags: Bill of Exchange, Endorsement, Negotiable Instruments, Negotiation
Level: Level 1

Topic: Negotiable Instruments
Series: NOV 2019

BL – Nov 2019 – L1 – SA – Q17 – Negotiable Instruments

Identifies the requirement for a bill of exchange to be negotiable in addition to delivery.

Question

In addition to being delivered, for a bill of exchange to be negotiable, it must be:
A. Endorsed
B. Inchoate
C. Countermanded
D. Accepted
E. Crossed

Answer

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Tags: Bill of Exchange, Endorsement, Negotiable Instruments
Level: Level 1

Topic: Negotiable Instruments
Series: NOV 2019

BL – MAY 2016 – L1 – SB – Q3a – Negotiable Instruments

This question explains the parties involved in a bill of exchange and the concept of general acceptance of a bill.

Question

Negotiable instruments are used in commercial transactions.

Required:
i. Explain briefly the parties to a Bill of Exchange. (3 Marks)

ii. Explain briefly General Acceptance of a Bill. (3 Marks)

Answer

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Tags: Bill of Exchange, Commercial Law, Negotiable Instruments
Level: Level 1

Topic: Negotiable Instruments
Series: MAY 2016

BL – May 2015 – L1 – SA – Q19 – Negotiable Instruments

Identify the person on whom a Bill of Exchange is drawn.

Question

The person on whom a Bill of Exchange is drawn is called
A. Drawer
B. Payee
C. Drawee
D. Payer
E. Holder

Answer

Find Related Questions by Tags, levels, etc.

Tags: Bill of Exchange, Negotiable Instruments
Level: Level 1

Topic: Negotiable Instruments
Series: MAY 2015

BL – Nov 2020 – L1 – SA – Q15 – Negotiable Instruments

Objective question on identifying the legal status of a payee in possession of a bill after providing consideration.

Question

Answer

Find Related Questions by Tags, levels, etc.

Tags: Bill of Exchange, Holder in Due Course, Law of Negotiability, Negotiable Instruments
Level: Level 1

Topic: Negotiable Instruments
Series: NOV 2020

BL – Nov 2011 – L1 – SB – Q6 – Negotiable Instruments

Understanding the characteristics of negotiable instruments, banker's duties, revocation of wills, and parties to a bill of exchange.

Question

(a) State FOUR characteristics of a negotiable instrument. (4 Marks)

(d) State the parties to a Bill of Exchange. (3 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Banker-Customer Relationship, Bill of Exchange, Negotiable Instruments, Revocation, Will
Level: Level 1

Topic: Negotiable Instruments
Series: NOV 2011

BL – Nov 2011 – L1 – SA – Q1 – Negotiable Instruments

The question tests knowledge of the term used when an endorser specifies to whom a bill is payable

Question

Where an endorser signs the Bill and expressly states to whom or to whose order the Bill is now payable, the endorsement is referred to as …………………………………….

Answer

Find Related Questions by Tags, levels, etc.

Tags: Banking, Bill of Exchange, Endorsement, Negotiable Instruments
Level: Level 1

Topic: Negotiable Instruments
Series: NOV 2011

BL – Nov 2011 – L1 – SA – Q8 – Negotiable Instruments

Identify which type of acceptance does not qualify as a qualified acceptance of a Bill.

Question

Answer

Find Related Questions by Tags, levels, etc.

Tags: Acceptance, Bill of Exchange, Negotiable Instruments
Level: Level 1

Topic: Negotiable Instruments
Series: NOV 2011

BL – Nov 2022 – L1 – SB – Q1d – Negotiable Instruments

Identifying circumstances under which a bill of exchange may be discharged.

Question

A bill of exchange may be discharged under several circumstances.

Required:
State four circumstances under which a bill of exchange may be discharged.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Bill of Exchange, Discharge, Negotiable Instruments
Level: Level 1

Topic: Negotiable Instruments
Series: NOV 2022

BL – Nov 2023 – L1 – SA – Q17 – Negotiable Instruments

This question asks about the condition when a bill of exchange is considered discharged.

Question

When every right of action on a bill of exchange has been extinguished, the bill is said to be
A. Nullified
B. Negotiated
C. Discharged
D. Activated
E. Vanquished

Answer

Find Related Questions by Tags, levels, etc.

Tags: Bill of Exchange, Discharge, Negotiable Instruments
Level: Level 1

Topic: Negotiable Instruments
Series: NOV 2023

BL – Nov 2019 – L1 – SB – Q6c – Negotiable Instruments

Explanation of endorsement and negotiation of a bill of exchange.

Question

A Bill of Exchange is a type of negotiable instrument.
Required:
Explain briefly, the following:
i. Endorsement of a Bill; and
ii. Negotiation of a Bill.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Bill of Exchange, Endorsement, Negotiable Instruments, Negotiation
Level: Level 1

Topic: Negotiable Instruments
Series: NOV 2019

BL – Nov 2019 – L1 – SA – Q17 – Negotiable Instruments

Identifies the requirement for a bill of exchange to be negotiable in addition to delivery.

Question

In addition to being delivered, for a bill of exchange to be negotiable, it must be:
A. Endorsed
B. Inchoate
C. Countermanded
D. Accepted
E. Crossed

Answer

Find Related Questions by Tags, levels, etc.

Tags: Bill of Exchange, Endorsement, Negotiable Instruments
Level: Level 1

Topic: Negotiable Instruments
Series: NOV 2019

BL – MAY 2016 – L1 – SB – Q3a – Negotiable Instruments

This question explains the parties involved in a bill of exchange and the concept of general acceptance of a bill.

Question

Negotiable instruments are used in commercial transactions.

Required:
i. Explain briefly the parties to a Bill of Exchange. (3 Marks)

ii. Explain briefly General Acceptance of a Bill. (3 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Bill of Exchange, Commercial Law, Negotiable Instruments
Level: Level 1

Topic: Negotiable Instruments
Series: MAY 2016

BL – May 2015 – L1 – SA – Q19 – Negotiable Instruments

Identify the person on whom a Bill of Exchange is drawn.

Question

The person on whom a Bill of Exchange is drawn is called
A. Drawer
B. Payee
C. Drawee
D. Payer
E. Holder

Answer

Find Related Questions by Tags, levels, etc.

Tags: Bill of Exchange, Negotiable Instruments
Level: Level 1

Topic: Negotiable Instruments
Series: MAY 2015

Question Tag: Bill of Exchange

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BL – Nov 2020 – L1 – SA – Q15 – Negotiable Instruments

Objective question on identifying the legal status of a payee in possession of a bill after providing consideration.

You're reporting an error for "BL – Nov 2020 – L1 – SA – Q15 – Negotiable Instruments"

BL – Nov 2011 – L1 – SB – Q6 – Negotiable Instruments

Understanding the characteristics of negotiable instruments, banker's duties, revocation of wills, and parties to a bill of exchange.

You're reporting an error for "BL – Nov 2011 – L1 – SB – Q6 – Negotiable Instruments"

BL – Nov 2011 – L1 – SA – Q1 – Negotiable Instruments

The question tests knowledge of the term used when an endorser specifies to whom a bill is payable

You're reporting an error for "BL – Nov 2011 – L1 – SA – Q1 – Negotiable Instruments"

BL – Nov 2011 – L1 – SA – Q8 – Negotiable Instruments

Identify which type of acceptance does not qualify as a qualified acceptance of a Bill.

You're reporting an error for "BL – Nov 2011 – L1 – SA – Q8 – Negotiable Instruments"

BL – Nov 2022 – L1 – SB – Q1d – Negotiable Instruments

Identifying circumstances under which a bill of exchange may be discharged.

You're reporting an error for "BL – Nov 2022 – L1 – SB – Q1d – Negotiable Instruments"

BL – Nov 2023 – L1 – SA – Q17 – Negotiable Instruments

This question asks about the condition when a bill of exchange is considered discharged.

You're reporting an error for "BL – Nov 2023 – L1 – SA – Q17 – Negotiable Instruments"

BL – Nov 2019 – L1 – SB – Q6c – Negotiable Instruments

Explanation of endorsement and negotiation of a bill of exchange.

You're reporting an error for "BL – Nov 2019 – L1 – SB – Q6c – Negotiable Instruments"

BL – Nov 2019 – L1 – SA – Q17 – Negotiable Instruments

Identifies the requirement for a bill of exchange to be negotiable in addition to delivery.

You're reporting an error for "BL – Nov 2019 – L1 – SA – Q17 – Negotiable Instruments"

BL – MAY 2016 – L1 – SB – Q3a – Negotiable Instruments

This question explains the parties involved in a bill of exchange and the concept of general acceptance of a bill.

You're reporting an error for "BL – MAY 2016 – L1 – SB – Q3a – Negotiable Instruments"

BL – May 2015 – L1 – SA – Q19 – Negotiable Instruments

Identify the person on whom a Bill of Exchange is drawn.

You're reporting an error for "BL – May 2015 – L1 – SA – Q19 – Negotiable Instruments"

BL – Nov 2020 – L1 – SA – Q15 – Negotiable Instruments

Objective question on identifying the legal status of a payee in possession of a bill after providing consideration.

You're reporting an error for "BL – Nov 2020 – L1 – SA – Q15 – Negotiable Instruments"

BL – Nov 2011 – L1 – SB – Q6 – Negotiable Instruments

Understanding the characteristics of negotiable instruments, banker's duties, revocation of wills, and parties to a bill of exchange.

You're reporting an error for "BL – Nov 2011 – L1 – SB – Q6 – Negotiable Instruments"

BL – Nov 2011 – L1 – SA – Q1 – Negotiable Instruments

The question tests knowledge of the term used when an endorser specifies to whom a bill is payable

You're reporting an error for "BL – Nov 2011 – L1 – SA – Q1 – Negotiable Instruments"

BL – Nov 2011 – L1 – SA – Q8 – Negotiable Instruments

Identify which type of acceptance does not qualify as a qualified acceptance of a Bill.

You're reporting an error for "BL – Nov 2011 – L1 – SA – Q8 – Negotiable Instruments"

BL – Nov 2022 – L1 – SB – Q1d – Negotiable Instruments

Identifying circumstances under which a bill of exchange may be discharged.

You're reporting an error for "BL – Nov 2022 – L1 – SB – Q1d – Negotiable Instruments"

BL – Nov 2023 – L1 – SA – Q17 – Negotiable Instruments

This question asks about the condition when a bill of exchange is considered discharged.

You're reporting an error for "BL – Nov 2023 – L1 – SA – Q17 – Negotiable Instruments"

BL – Nov 2019 – L1 – SB – Q6c – Negotiable Instruments

Explanation of endorsement and negotiation of a bill of exchange.

You're reporting an error for "BL – Nov 2019 – L1 – SB – Q6c – Negotiable Instruments"

BL – Nov 2019 – L1 – SA – Q17 – Negotiable Instruments

Identifies the requirement for a bill of exchange to be negotiable in addition to delivery.

You're reporting an error for "BL – Nov 2019 – L1 – SA – Q17 – Negotiable Instruments"

BL – MAY 2016 – L1 – SB – Q3a – Negotiable Instruments

This question explains the parties involved in a bill of exchange and the concept of general acceptance of a bill.

You're reporting an error for "BL – MAY 2016 – L1 – SB – Q3a – Negotiable Instruments"

BL – May 2015 – L1 – SA – Q19 – Negotiable Instruments

Identify the person on whom a Bill of Exchange is drawn.

You're reporting an error for "BL – May 2015 – L1 – SA – Q19 – Negotiable Instruments"

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