state gov RSMSSB Junior Accountant Mock Test 2023 Banking and Financial Awareness Negotiable Instruments
Identify the incorrect statement relating to the Negotiable Instruments Act.
1
Every person capable of contracting, according to the law to which he is subject, may bind himself and be bound by the making, drawing, acceptance, indorsement, delivery and negotiation of a promissory note, bill of exchange or cheque.
2
A minor may draw, indorse, deliver and negotiate such instrument.
3
An authority to draw bills of exchange does not of itself import an authority to indorse.
4
none of the above