A negotiable instrument in which no time for payment is specified is payable.
after sightIncorrect Answer
after acceptanceIncorrect Answer
on demandCorrect Answer
after one monthIncorrect Answer
Explanation:
- When a negotiable instrument does not specify a time for payment, it means the money is payable immediately when demanded.
- Option 1: after sight – This means payment is due after the instrument is seen or presented, often used with bills of exchange.
- Option 2: after acceptance – This is when the payment is due after the drawee has accepted the instrument; again, more typical with bills.
- Option 3: on demand – This is the correct answer. Instruments without specified payment time are payable whenever the holder demands payment.
- Option 4: after one month – This means payment is due after one month of some event, but is irrelevant here as no time is specified.
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By: santosh