Advantages of Copyright

Copyright is an exclusive right to do anything subject to regulations as per the law that deals with the copyright. Section 14 of Copyright Act 1957 explains the meaning of copyright. It is an exclusive right as per the provisions of the act to authorize to do anything subject to regulations. The copyrights and how to utilize the right are detailed hereunder. These are actually the advantages and benefits of copyrighting the work that was done.

Indian Contract Act Important Issues

The Law of Contract covers the enforcement of what?
Voluntarily created civil obligations

The obligations that do not necessarily arise from an agreement are what?
Torts, Quasi-contracts and Court Judgments

What is it called when a person making a promise may be bound to obey the promise even without any agreement or contract?
Promissory Estoppel

Classification of Negotiable Instruments

The negotiable instruments are used in daily business and trade and they are transferred from one person to another person in return for a consideration. There are many negotiable instruments divided under two main heads namely; negotiable instruments by the statue and negotiable instruments by usage. Also, these negotiable instruments are classified into several types. Hereunder let us analyze all those instruments in detail.

Difference between Bill of Exchange and Promissory Note

Bill of exchange and promissory note are negotiable instruments by statue and are mentioned in Negotiable Instrument Act of India. Both the promissory note and the bill of exchange are used in trade but they both are different in many ways. Here under are the differences between both the instruments in detail.

Elements of a Bill of Exchange

A bill of exchange is a negotiable instrument. It is made by the person who signs it. It is an unconditional order and a direction to specific person to pay a sum of money only to another specific person or to the order of or also to the bearer of the instrument. An instrument to be a bill of exchange that shall have some features to be a bill of exchange.

Elements of a Promissory Note

The promissory note is a negotiable instrument. It is an unconditional undertaking written by the maker who signs the same. The unconditional undertaking is to pay a sum of amount to any person as mentioned in the note or to the bearer of the instrument. The maker is the one who makes the instrument. He is the one who promises to pay the amount as mentioned. He signs the instrument and ratifies his unconditional undertaking. The maker of the instrument pays the amount to another person who is called the payee.

Types of Negotiable Instruments

Negotiable instruments include bill of exchange, promissory note, cheque, bank draft, pay order, hundis, railway receipt for goods, delivery order and government promissory note. All these are broadly classified into two major kinds. One is negotiable instrument by statute and the other is negotiable instrument by usage or custom. The former one is the instrument that was created legally and the latter one was through usage it has become a negotiable instrument. Here under, a detailed explanation about both the kinds and other types.