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MGT611 GDB Spring 2019 Solution & Discussion
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MGT611 - Business & Labor Law Due date Monday, July 29, 2019
Based on the provisions of Negotiable Instruments Act, 1881 briefly explain whether the following are promissory notes or not.
Important Instructions:
#MGT611 GDB Idea Sol 2019
1. Valid
2. Valid
3. Not a valid promissory note
4. Valid
5. Not a valid promissory note (just a promise)
#3 not 100% confirm.
On demand, I promise to pay Sonu or order Rs. 5,000, for value received.
Answer: This is a valid promissory note.
I promise to pay Adil or order Rs. 5,000 and 500 shares of Sigma Limited.
Answer: This is a valid promissory note.
I promise to pay Mahi or order Rs. 5,000 with interest calculated at quarterly rests.
Answer: This is non-promissory note.
I promise to pay you or your successors on demand Rs. 10,000.
Answer: This is a valid promissory note.
I am liable to pay Ahmad Rs. 5,000.
Answer: This is not a promissory note because this is just a simple promise.
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