Question

Which of the following is not a negotiable instrument?

• A. Cheque
• B. Bill of exchange
• C. Promissory note
• D. Will

Hint:

Make sure to distinguish between negotiable instruments like cheques and promissory notes, and non-negotiable documents like wills.

Answer 1

The Correct Option is D

A negotiable instrument is a document that guarantees the payment of a specific amount of money either on demand or at a set time. A will, however, is not a negotiable instrument because it only comes into effect after the death of an individual.

Answer 2

The correct answer is: Will.

A negotiable instrument is a document that guarantees the payment of a specific amount of money, either on demand or at a set time, and is transferable by endorsement or delivery so that the transferee obtains full legal title to it.

Examples of Negotiable Instruments:
- Promissory Note
- Bill of Exchange
- Cheque

These instruments are governed by the Negotiable Instruments Act, 1881, and are recognized for their ability to be transferred from one person to another, thereby enabling the holder in due course to claim payment.

Why “Will” is Not a Negotiable Instrument:
A Will is a legal declaration of a person’s intention regarding the distribution of their property after death. It:
- Takes effect only after the death of the person (testator)
- Is not transferable in the same sense as negotiable instruments
- Does not involve the payment of a specific amount of money by one party to another during the testator’s lifetime

Therefore, a Will does not fulfill the essential characteristics of a negotiable instrument.

Conclusion:
Among the options, the document that is not a negotiable instrument is a Will.