Concepts Related to Negotiable Instruments

21. Which of the following is not a type of endorsement?

a) Blank endorsement

b) Partial endorsement

c) Restrictive endorsement

d) Conditional 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

23. What is the maximum validity period for a letter of credit?

a) 6 months

b) 9 months

c) 12 months

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

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