Bills of Exchange – NBC Institute

BL – May 2014 – L1 – SA – Q18 – Negotiable Instruments

Understanding the various ways a bill can be discharged.

Question

A bill can be discharged in any of the following ways EXCEPT by:
A. Payment in due course
B. Physical destruction of the bill
C. Acceptor becoming holder of the bill
D. Renunciation
E. Cancellation

Answer

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

Topic: Negotiable Instruments
Series: MAY 2014

BL – Nov 2013 – L1 – SB – Q6a – Negotiable Instruments

Explaining three types of bills of exchange.

Question

State and explain THREE types of Bills of Exchange.

Answer

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Tags: Bills of Exchange, Legal Documentation, Negotiable Instruments
Level: Level 1

Topic: Negotiable Instruments
Series: NOV 2013

BL – Nov 2013 – L1 – SA – Q18 – Negotiable Instruments

Question on identifying the person in whose favour a Bill is drawn.

Question

The person in whose favour a Bill is drawn, is known as ………………………….

Answer

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Tags: Banking Law, Bills of Exchange, Holder, Negotiable Instruments
Level: Level 1

Topic: Negotiable Instruments
Series: NOV 2013

BL – Nov 2013 – L1 – SA – Q17 – Negotiable Instruments

Identifies a bill lacking in material particulars.

Question

A bill lacking in some material particular is known as

A. Inland bill
B. Incomplete or inchoate bill
C. Promissory bill
D. Esoteric bill
E. Accelerated bill

Answer

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Tags: Bills of Exchange, Multiple Choice, Negotiable Instruments
Level: Level 1

Topic: Negotiable Instruments
Series: NOV 2013

BL – May 2018 – L1 – SB – Q5 – Negotiable Instruments

Comment on the validity of bills and state the rights of an unpaid seller.

Question

a. A bill of exchange must conform with the requirements of the law (the Bills of Exchange Act 1990) before it could be valid.

Required:
Comment on the validity of the following Bills of Exchange:
(i) Please pay Kwame the sum of N1,000,000.00; (2 Marks)
(ii) Pay James N5,000.00, provided the receipt form at the foot hereof is duly signed; (2 Marks)
(iii) Pay Jossy N10,000.00 ten days after the death of his father. (2 Marks)

b. An unpaid seller under a contract of sale of goods has two classes of rights, namely: rights against the goods and rights against the buyer.

Required:
State THREE rights of an unpaid seller over the goods. (6 Marks)

c. As a general rule, all persons of full age may sue or be sued in tort.

Required:
State FOUR exceptions to the above-mentioned general rule. (4 Marks)

d. James, a Nigerian who is resident in the U.S.A., intends to transfer a sum of 100,000 dollars to Nigeria for investment.

Required:
Advise James on the steps to be taken to avoid breaching the provisions of the Money Laundering (Prohibition) Act of 2011. (4 Marks)

Answer

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Tags: Bills of Exchange, Tort, Unpaid Seller
Level: Level 1

Topic: Negotiable Instruments
Series: MAY 2018

BL – May 2024 – L1 – SA – Q13 – Negotiable Instruments

Identify the type of payee/endorser who acquires a bill after payment.

Question

A payee/endorser in possession of a bill that he obtained after giving consideration for it is called:

A. A drawer
B. An accommodation party
C. An assignee
D. A holder for value
E. A trustee

Answer

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Tags: Bills of Exchange, Endorser, Negotiable Instruments, Payee
Level: Level 1

Topic: Negotiable Instruments
Series: MAY 2020

BL – May 2015 – L1 – SB – Q6a – Negotiable Instruments

Explain two types of Bills of Exchange.

Question

Bills of Exchange are used in several ways, including for payment of debts and provision of credits.

Required:
Explain briefly any TWO types of Bills of Exchange. (5 Marks)

Answer

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Tags: Bills of Exchange, Negotiable Instruments, Types of Bills
Level: Level 1

Topic: Negotiable Instruments
Series: MAY 2015

BL – May 2015 – L1 – SB – Q5c – Negotiable Instruments

Explain three key characteristics of a negotiable instrument.

Question

A negotiable instrument is a written promise to pay money.

Required:
Explain THREE characteristics of a negotiable instrument. (6 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Bills of Exchange, Characteristics, Negotiable Instruments
Level: Level 1

Topic: Negotiable Instruments
Series: MAY 2015

BL – May 2014 – L1 – SA – Q18 – Negotiable Instruments

Understanding the various ways a bill can be discharged.

Question

A bill can be discharged in any of the following ways EXCEPT by:
A. Payment in due course
B. Physical destruction of the bill
C. Acceptor becoming holder of the bill
D. Renunciation
E. Cancellation

Answer

Find Related Questions by Tags, levels, etc.

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

Topic: Negotiable Instruments
Series: MAY 2014

BL – Nov 2013 – L1 – SB – Q6a – Negotiable Instruments

Explaining three types of bills of exchange.

Question

State and explain THREE types of Bills of Exchange.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Bills of Exchange, Legal Documentation, Negotiable Instruments
Level: Level 1

Topic: Negotiable Instruments
Series: NOV 2013

BL – Nov 2013 – L1 – SA – Q18 – Negotiable Instruments

Question on identifying the person in whose favour a Bill is drawn.

Question

The person in whose favour a Bill is drawn, is known as ………………………….

Answer

Find Related Questions by Tags, levels, etc.

Tags: Banking Law, Bills of Exchange, Holder, Negotiable Instruments
Level: Level 1

Topic: Negotiable Instruments
Series: NOV 2013

BL – Nov 2013 – L1 – SA – Q17 – Negotiable Instruments

Identifies a bill lacking in material particulars.

Question

A bill lacking in some material particular is known as

A. Inland bill
B. Incomplete or inchoate bill
C. Promissory bill
D. Esoteric bill
E. Accelerated bill

Answer

Find Related Questions by Tags, levels, etc.

Tags: Bills of Exchange, Multiple Choice, Negotiable Instruments
Level: Level 1

Topic: Negotiable Instruments
Series: NOV 2013

BL – May 2018 – L1 – SB – Q5 – Negotiable Instruments

Comment on the validity of bills and state the rights of an unpaid seller.

Question

a. A bill of exchange must conform with the requirements of the law (the Bills of Exchange Act 1990) before it could be valid.

b. An unpaid seller under a contract of sale of goods has two classes of rights, namely: rights against the goods and rights against the buyer.

Required:
State THREE rights of an unpaid seller over the goods. (6 Marks)

c. As a general rule, all persons of full age may sue or be sued in tort.

Required:
State FOUR exceptions to the above-mentioned general rule. (4 Marks)

d. James, a Nigerian who is resident in the U.S.A., intends to transfer a sum of 100,000 dollars to Nigeria for investment.

Required:
Advise James on the steps to be taken to avoid breaching the provisions of the Money Laundering (Prohibition) Act of 2011. (4 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Bills of Exchange, Tort, Unpaid Seller
Level: Level 1

Topic: Negotiable Instruments
Series: MAY 2018

BL – May 2024 – L1 – SA – Q13 – Negotiable Instruments

Identify the type of payee/endorser who acquires a bill after payment.

Question

A payee/endorser in possession of a bill that he obtained after giving consideration for it is called:

A. A drawer
B. An accommodation party
C. An assignee
D. A holder for value
E. A trustee

Answer

Find Related Questions by Tags, levels, etc.

Tags: Bills of Exchange, Endorser, Negotiable Instruments, Payee
Level: Level 1

Topic: Negotiable Instruments
Series: MAY 2020

BL – May 2015 – L1 – SB – Q6a – Negotiable Instruments

Explain two types of Bills of Exchange.

Question

Bills of Exchange are used in several ways, including for payment of debts and provision of credits.

Required:
Explain briefly any TWO types of Bills of Exchange. (5 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Bills of Exchange, Negotiable Instruments, Types of Bills
Level: Level 1

Topic: Negotiable Instruments
Series: MAY 2015

BL – May 2015 – L1 – SB – Q5c – Negotiable Instruments

Explain three key characteristics of a negotiable instrument.

Question

A negotiable instrument is a written promise to pay money.

Required:
Explain THREE characteristics of a negotiable instrument. (6 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Bills of Exchange, Characteristics, Negotiable Instruments
Level: Level 1

Topic: Negotiable Instruments
Series: MAY 2015

Question Tag: Bills of Exchange

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BL – May 2014 – L1 – SA – Q18 – Negotiable Instruments

Understanding the various ways a bill can be discharged.

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BL – Nov 2013 – L1 – SB – Q6a – Negotiable Instruments

Explaining three types of bills of exchange.

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BL – Nov 2013 – L1 – SA – Q18 – Negotiable Instruments

Question on identifying the person in whose favour a Bill is drawn.

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BL – Nov 2013 – L1 – SA – Q17 – Negotiable Instruments

Identifies a bill lacking in material particulars.

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BL – May 2018 – L1 – SB – Q5 – Negotiable Instruments

Comment on the validity of bills and state the rights of an unpaid seller.

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BL – May 2024 – L1 – SA – Q13 – Negotiable Instruments

Identify the type of payee/endorser who acquires a bill after payment.

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BL – May 2015 – L1 – SB – Q6a – Negotiable Instruments

Explain two types of Bills of Exchange.

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BL – May 2015 – L1 – SB – Q5c – Negotiable Instruments

Explain three key characteristics of a negotiable instrument.

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BL – May 2014 – L1 – SA – Q18 – Negotiable Instruments

Understanding the various ways a bill can be discharged.

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BL – Nov 2013 – L1 – SB – Q6a – Negotiable Instruments

Explaining three types of bills of exchange.

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BL – Nov 2013 – L1 – SA – Q18 – Negotiable Instruments

Question on identifying the person in whose favour a Bill is drawn.

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BL – Nov 2013 – L1 – SA – Q17 – Negotiable Instruments

Identifies a bill lacking in material particulars.

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BL – May 2018 – L1 – SB – Q5 – Negotiable Instruments

Comment on the validity of bills and state the rights of an unpaid seller.

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BL – May 2024 – L1 – SA – Q13 – Negotiable Instruments

Identify the type of payee/endorser who acquires a bill after payment.

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BL – May 2015 – L1 – SB – Q6a – Negotiable Instruments

Explain two types of Bills of Exchange.

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BL – May 2015 – L1 – SB – Q5c – Negotiable Instruments

Explain three key characteristics of a negotiable instrument.

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