Section 43 of NIA : Section 43: Negotiable Instrument Made, Etc, Without Consideration

NIA

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Explanation using Example

Imagine Alice writes a cheque to Bob without any exchange of goods or services (i.e., without consideration). Bob cannot demand Alice to pay him the amount on the cheque since there was no consideration for this transaction. However, if Bob then indorses this cheque to Carol in exchange for a painting, Carol, as a holder who gave value for the cheque, can demand payment from Alice, de...

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