Introduction
The cheque means a document to order the bank to pay specific amount from a person’s account to another person who had been issued it at bank. Section 73 of the Bills of Exchange Act defines cheque as bill of exchange, as payable on demand and it drawn by banker. The cheque most widely used as commercial paper today.
A crossed cheque is when the two parallel lines are drawn across on the cheque and word may be written across the cheque. Section 123 defines crossing cheque is where a cheque bears across its an addition of the words ‘and company’ or any abbreviation thereof, between two parallel transverse lines, or of two parallel that addition shall be deemed a crossing ans the cheque shall be deemed to be crossed generally. The kind of crossing:
1. General where consisting only of the parallel lines, or with the addition of the words “and company”.
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Not negotiable is when these words are written across the cheque, either with or without the name of the banker. This manner is a signal where the financial institution not to pay the cheque other than into an account. In section 55 of Cheque Act explain clearly the effect of a ‘not negotiable’ crossing: the crossing cheque is transferred by negotiation to a person, the person does not receive and is not capable of giving, a better title to the cheque than the title that person from whom the first-mentioned person took the cheque had.
3. A/c payee where these words are written across the cheque whether in addition to the other crossing or not. The addition of ‘A/c payee’ to a crossing has no legal sancity and the paying banker may ignore such a direction without being liable for any damages. In National Bank v. Lilke (1981), a cheque with the crossing ‘Account of J.F Moriarty Esq., National Bank, Dublin’, was held to be negotiable. It was observed, in Atlanta Mines Ltd v. Economic Bank, that such crossing is mere direction to the collecting banker as to how the money is to be dealt with after
Prior to Fuller’s transfer, management at the Carson’s location was poorly run using the classical approach. While this approach can be successful, management has to find a good middle ground between caring for the company and caring about their employees. A traditional classical approach recognizes that there are five important factors to running a successful business (Miller, 19). According to text, these factors are planning, organizing, command, coordination and control (Miller, 19-20). These factors can be seen when you look at Third Bank as a whole. In the study, the CEO saw the issues in his company and put a plan together to improve. He had meetings with management, like fuller, to organize a solution. He then commanded all locations
Checks are written everyday at almost every place of business. At age 18 anyone with the adequate amount of money can open a checking account of their own. One aspect of checking account functions that many account owners are not familiar with is the processing of their checks after they have been written.
In the case of Darlington Futures Ltd v Delco Australia Pty Ltd (1986), the High Court ruled that: The interpretation of an exclusion clause is to be determined by construing the clause according to its natural and ordinary meaning, read in light of the contract as a whole, thereby giving due weight to the context in which the clause appeared including the nature and object of the contract… This brings to question whether ‘loss or theft’ covers the severe water damage to Kati’s car. In the case of Thornton v Shoe Lane Parking (1971), Denning MR found that if there is an offer communicated through a sign of notice at the entry of a carpark, this offer is accepted by a customer by the ‘movement of his car’ through the entrance . By this
The federal government is the national government of Canada. It includes the Prime Minister of Canada and cabinet, the Parliament of Canada, the federal courts and more than a hundred of departments and agencies which administer the day-to-day business of government. The federal government is involved in many aspects of Canadians’ lives. “It has exclusive jurisdictions on peace, order and good government, any form of taxation, international/interprovincial trade and commerce, communications & transportation, banking and currency, foreign affairs, militia and defense, criminal law and penitentiaries, naturalization, weights, measures, copyrights, patents, first nations, “residual powers, declaratory power, disallowance and reservation, and Unemployment
3. Assuming that she was, a question whether the respective defendants, any, all, or who of them, were proper subjects for the injunction prayed, as holding the bonds without sufficient title, and herein -- and more particularly as respected Hardenberg, and Birch, Murray & Co. -- a question of negotiable paper, and the extent to which holders, asserting themselves holders bona fide and for value, of paper payable "to bearer," held it discharged of precedent equities.
This court decision, shows how in regards to checks, going to the maker to ensure that the check is credible can help to protect the holder or the HDC of such an item. This can help them in the future if the payee is found to be a thief, in terms of recovering lost money from either the payee or the maker. Finally, we are also able to gain our own individual opinions about how HDC works and how fair we may or may not see it, based on cases like this one or simply everyday life.
money is spent then the shopper has on the current account, the last written check will be rejected and account will be
...useless car to a junk yard to recover some loss, but the difference of the re-sale of the junk-car would be a significant loss. Though there were no adequate assurances to the contract, anticipatory repudiation is the only probable remedy for Jack. However, the outcome would weigh on the predominant factor test, which is met because Tom is covered as a merchant because he is operating in his usual daily business, and Jack is the buyer. The sole purpose of the contract was for Tom to sell Jack a car, and for Jack to buy a car from Tom. The UCC, though less stringent than the statute of frauds, does effectively regulate commercial transfers allowing the free market to operate without diminishing the integrity of trade.
...t of the doctrine to be removed is not expressed, however, there are reference to whereby terms use of ‘limit’ and ‘refine’ which is believed to emphasises on the practical benefit rather than legal. Russel LJ, views the doctrine through occasion technalities, where courts can preven giving effect to the intention of parties. He further adds, that ‘consideration’ is considered as a ‘vititaing factor’ which is a requirement for ‘valid and subsisting contract.’ Russel LJ, does not distinguish the doctrine along with public interest but the formately of it. In contrast, Lord Goff rasies doubts as well, whereby he states, contract is widely seen as deficient’ where the ‘prsence of an unnescessary doctrine of consideration.’ Professor Dawson further supports, this suggests that the argument is based around that consideration ‘draws the net of enforceability too tightly.’
In Krell v. Henry {1903} a plea of frustration succeeded because the court held that the common purpose for which the contact was entered into, could no longer be carried out. But in the same year for similar set of facts, the Court of Appeal decided in Herne Bay v. Hutton [1903] that the contract had not been frustrated because the "common formation of the contract" had not changed. It clearly was a policy decision which shows the reluctance of the courts to provide an escape route for a party for whom the contract ha...
In this case study it was stated that there were a problem happen in the outsourcing for the Royal Bank of Scotland. What happen was there were an error that happen during the routine software upgrade that cause million of that bank customer cant access to their account. The error happen when one junior technician in India was accidently wiped all the information during the routine software upgrade. The member of staff that was working under the program for the Royal Bank of Scotland, NatWest and Ulster Bank and it was based in Hyderabad, India.
Margalit v Standard Bank of South Africa LTD and Another , (2) SA 466 ((SCA) 2013).
a scanning devise that reads reading the bottom of the checks for account routing information. While the actual Dollar a real life person inputs amount of the check with a ten key keypad for entering in numbers in a designated area of the check for accuracy of currency. This method is extremely fast and accurate for banks so that they can process thousands of checks in a timely manner.
Since Carlill V Carbolic, acceptance has developed and can be achieved in various ways: in writing, oral or it may be inferred by conduct (lisa sturgreon). This requirement of complete performance was emphasised in Daulia V Four Millbank Nominees Ltd [1978] where Goff LJ stated: ‘I think the true view of a unilateral contract must in general be that the offeror is entitled to require full performance of the condition he has imposed and short of that he is not bound’ (see more Paul Richards). Furthermore, there is no need to give advance notice of such acceptance to the
A contract is generally considered to be an exchange of promises or an agreement between parties which in due course legally binds the parties; this can be enforced by the English Law. A contract is always, referred to the basic foundations of Contract Law, which refers to promises being kept amongst two parties. It is clear that all people make contracts nowadays and do not even consider for a moment that they are forming contracts; these can be formal or informal, oral or written.