1. Types of notions of negotiable instruments are?
There are three main types of negotiable instruments:
1. Promissory notes: A promissory note is a written promise from one party to pay a specified sum of money to another party at a specific time or on demand. It is typically signed by the party making the promise (the "maker") and is unconditional.
2. Bill of exchange: A bill of exchange is an order by one party (the "drawer") to another party (the "drawee") to pay a specified sum of money to a third party (the "payee"). It is typically used in international trade transactions.
3. Cheques: A cheque is a written order from an account holder instructing a bank to pay a specific amount of money to a designated recipient. It is a commonly used form of negotiable instrument for everyday financial transactions.