Read Assertion (A) and Reason (R) and give the correct answer with the help of given below:
Assertion (A): The surety has no right to restrain execution against him until the creditor exhausted all his remedies against the Principal Debtor.
Reason (R): The Liability of the surety is co-extensive with that of the Principal Debtor, unless it is otherwise provided by contract.
A. (A) and (R) are true and (R) is the correct explanation of (A)
B. (A) and (R) are true but (R) is not the correct explanation of (A)
C. (A) is false, but (R) is true
D. (A) is true but (R) is false
Answer: Option A
This Question Belongs to Law >> Negotiable Instruments Act
The term 'legal representative' in section 29 of the Negotiable Instruments Act, 1881
A. Does not include executors or administrator (Rama v. Praoin, AIR 1926 Mad 389)
B. Includes executors or administrator (K. Subbanna v. K. Subbarayudu, AIR 1926 Mad 390)
C. Includes executors but does not include administrators (P. Nayar v. T. Ramanna, AIR 1929 Mad 389)
D. Includes only administrators but does not include executors (P. K. Pati v. Damodar Sahu, AIR 1953 Ori 179)
In the case of a promissory note which is not negotiable
A. Notice of dishonour is compulsory
B. No notice of dishonour is necessary
C. Negotiable Instruments Act is silent on this aspect
D. Indorsement is necessary
The endorsement of a negotiable instrument is followed by delivery
A. Yes
B. No
C. Both (A) and (B)
D. None of the above
'Truncated Cheque' is dealt within which section of the Negotiable Instruments Act, 1881?
A. Section 5
B. Section 6
C. Section 7
D. Section 8
Join The Discussion