Law Quiz | Gkseries

Which of the following statement is correct ?

A A promissory note or a bill of exchange in which time for payment is specified is payable on demand.
B If the endorser signs his name only, the endorsement is said to be “in full”
C Where an instrument may be construed either as a promissory note or a bill of exchange, the holder may at his election treat it as either, and the instrument shall be thenceforward treated accordingly.
D If the amount undertaken or ordered to be paid is stated differently in figures and in words, the amount stated in figures shall be the amount undertaken or ordered to be paid.

Answer & Explanation

Answer:Where an instrument may be construed either as a promissory note or a bill of exchange, the holder may at his election treat it as either, and the instrument shall be thenceforward treated accordingly.

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