Presentment for payment is essential for all bills. If a bill is not presented, a drawer and endorser are discharged but the acceptor is not discharged. Presentment must therefore be done at the proper place.

(a) Explain the term promissory note. (2 marks)

(b) Explain the characteristics of negotiable instruments (10 marks)

(c) Presentment for payment is essential for all bills. If a bill is not presented, a drawer and endorser are discharged but the acceptor is not discharged. Presentment must therefore be done at the proper place.
Discuss the rules for determining the proper place for purposes of presentment. (8 marks)

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Presentment for payment is essential for all bills. If a bill is not presented, a drawer and endorser are discharged but the acceptor is not discharged. Presentment must therefore be done at the proper place.

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