Evolution & Revolution of Negotiable Instruments
As facilitator for trade and commerce & 10 years taking forward
2Evolution of Payment Systems in India5
4 Characteristics\Features of Negotiable Instrument10
5Presumption as to negotiable instrument 12
6Rules of estopped applicable to negotiable instruments13
7Payee in a negotiable instrument14
8Types of Negotiable Instruments15
9Section 123-131 & 13835
10Revolution of Payment Systems in India37
Exchange of goods and services is the basis of every business activity. Goods are bought and sold for cash as well as on credit. All these transactions require flow of cash either immediately or after a certain time. In modern business, large number of transactions involving huge sums of money takes place every day. It is quite inconvenient as well as risky for either party to make and receive payments in cash. Therefore, it is a common practice for businessmen to make use of certain documents as means of making payment. Some of these documents are called negotiable instruments.
Evolution of trade and commerce leading to the introduction of negotiable instruments In the primitive economic society each tribe or family produced all that is needed and consumed it. Therefore need of commerce was not required. Commerce began to grow only after the division of labor and consequent development of exchange. These stages of the introduction of commerce are as follows: 1. Nonexistence of commerce- In the early stages of economic life, man produced what he needed and consumed it all...