There are three main types of negotiable instruments:
1. Promissory notes: A promissory note is a written promise from one party (the maker) to pay a certain amount of money to another party (the payee) at a specified time in the future. Promissory notes are commonly used in personal loans and business transactions.
2. Bills of exchange: A bill of exchange is a written order from one party (the drawer) to another party (the drawee) to pay a certain amount of money to a third party (the payee) at a specified time in the future. Bills of exchange are typically used in international trade transactions.
3. Cheques: A cheque is a written order from a bank account holder (the drawer) to their bank to pay a certain amount of money to the person or entity named on the cheque (the payee). Cheques are commonly used for everyday financial transactions.
1. Types of notions of negotiable instruments are ?
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