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a) Mr. Zahid accepted a bill of Exchange worth Rs. 100,000/- to the extent of Rs. 90,000/- b) Mr. Zahid accepted a bill of Exchange
a) Mr. Zahid accepted a bill of Exchange worth Rs. 100,000/- to the extent of Rs. 90,000/-
b) Mr. Zahid accepted a bill of Exchange worth Rs. 100,000/- however Bill was mentioned to be paid after 4 months, whereas Mr. Zahid accepted the Bill with the condition that payment will be made after 6 months.
What type of Acceptance are these? Explain the scenarios in terms of Negotiable Instruments Act, 1881 and also brief the liability, if any, of the prior parties to the instrument.
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