Law · Negotiable Instruments Act
Given below are two statements: one is labelled as Assertion A and the other is labelled as Reason R. Assertion A: A payment made by mistake to a party not entitled to receive the payment discharges the liability of the drawee under the Negotiable Instruments Act. Reason R: Payment in due course, which discharges the instrument, occurs when the payment is made to the holder in good faith and without negligence. In the light of the above statements, choose the most appropriate answer from the options given below:
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Both A and R are correct and R is the correct explanation of A
- 2Both A and R are correct but R is NOT the correct explanation of A
- 3A is correct but R is not correct
- 4A is not correct but R is correct✓
Correct answer
A is not correct but R is correct
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