P took a car from a motor car dealer. According to the terms of the contract P has to pay monthly instalment of Rs. 8,000 per month. As an advisor which negotiable instrument you will suggest to P? Why? Explain the differnt types of instruments under N.I. Act, 1881.
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Negotiable instruments are some of the most common modes of carrying out business transactions these days. Previously, all business transactions made use of just cash for commerce. With the advent of modern business practices, several new instruments have gained prominence. A classification of negotiable instruments based on Negotiable Instruments Act is important to understand them in detail.
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