21. Which of the following is not a type of endorsement?
a) Blank endorsement
b) Partial endorsement
c) Restrictive endorsement
d) Conditional endorsement
Answer: b) Partial endorsement
22. Which of the following is not required to be mentioned in a promissory note?
a) Promise to pay
b) Signature of the maker
c) Name of the payee
d) Amount to be paid
Answer: c) Name of the payee
23. What is the maximum validity period for a letter of credit?
a) 6 months
b) 9 months
c) 12 months
d) No limit
Answer: d) No limit
24. Which of the following is not a type of endorsement based on liability?
a) Blank endorsement
b) Restrictive endorsement
c) Special endorsement
d) Qualified endorsement
Answer: b) Restrictive endorsement
25. What is the most common type of negotiable instrument used in international trade?
a) Cheque
b) Promissory note
c) Bill of exchange
d) Demand draft
Answer: c) Bill of exchange
