Mr Akram bought a T.V from Aslam and draws a valid bill of exchange (dated 01/1/18) on Rasheed to pay Rs 20000 after three month. Mr Akram also mention the 2^nd name of Atif to pay the same amount if Mr Rasheed refuse to pay or not available on the date of maturity,(Mr akram and Aslam are residing in Pakistan where as Mr Rasheed is residing in England). Next day (2/1/18) Mr Aslam went to Mar Saad and bought a bike and endorse the bill to Mr Saad, on 4/1/18 Mr Saad endorse it to Ms Palwasha without any consideration. Ms Palwasha bought a fridge from Nouman and endorses it to Mr Nouman with a condition that she has excluded her liabilities in case of dishonor. Than Nouman hand it over to Mr Salman for safe custody for three days in the mean time the negotiable instrument was lost by Mr Salman and later on recovered by Aftab who give back to Mr Nouman, on 12/1/18 Mr Nouman bought a sofa set from Mukhtar and endorse it to Mr Mukhtar with the condition that he will be liable in case of dishonor (extended liability) Mr Mukhtar purchased a laptop from Mr Saad, Mr Saad went to Mr Rasheed and Atif for payment on the date of maturity but both of them refuse to honor the said negotiable instrument. Mr Saad start the process of noting as a result of dishonor, Mr Waqas who was not a party in negotiable instrument but want to save the image of Mr Akram, request to Mr Saad to receive the said amount and hand it over to him. Mr Saad agreed and receives the mentioned amount.

Note: This statement comprises of 15 short answers and you are advised to read the statement carefully and mention all the answer such as who is, drawer, drawee, payee, type of instrument (foreign, in-land) drawer in case of need, holder, non holder, holder is due course, negotiation back, endorser, endorsee, conditional endorsement, sans recourses endorsement, facultative endorsement and acceptor for honor.