banking practice & Law 1

The document discusses negotiable instruments including promissory notes, bills of exchange, and cheques. It defines these instruments and outlines their essential elements. Promissory notes must contain an unconditional promise to pay a certain sum of money. Bills of exchange must contain an unconditional order to pay money. Cheques are a type of bill of exchange that is always payable on demand and drawn on a bank. The document provides examples of specimens for each type of instrument.