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Learning Objectives:: Chapter Nine
Learning Objectives:: Chapter Nine
Chapter Nine
Learning Objectives:
Promissory notes, bill of exchange and cheques must be presented for payment to the
maker, acceptor or drawee thereof respectively, by or on behalf of the holder. Honoring
means payment of the amount due on a promissory note, bill of exchange or cheque;
made to the holder of the instrument. A bill of exchange is said to be dishonored by non-
acceptance when the drawee, or one of several drawee not being partners, makes default
in acceptance upon being duly required to accept the bill, or where presentment is
excused and the bill is not accepted. Where the drawee is incompetent to contract, or the
acceptance is qualified the bill may be treated as dishonored.
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