AIBE Prep › Papers › AIBE IV — December 2012 › Q.38
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Q.38
Contract, Specific Relief, Property & NI Act Medium Section in Options

The term ‘Negotiable Instrument’ is defined in the Negotiable Instruments Act, 1881,

A Section 12
✓ Section 13 Answer
C Section 13A
D Section 13B
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Explanation & Strategy

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Under the Companies Act, a company is a separate legal entity (Salomon v. Salomon). It has perpetual succession, can own property, sue and be sued. The corporate veil can be lifted for fraud/sham.

  1. 1 Check the referenced provision in the relevant Act to verify the answer.
At a Glance
Subject Contract, Specific Relief, Property & NI Act
Difficulty Medium
Answer (B) Section in Options
Paper AIBE IV — December 2012
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