1.Discuss the Nature and Significance of Business Law.
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6. Payable on demand.
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A cheque to be valid must be payable ondemand and not
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otherwise. Use of the words on demand‟
ortheir equivalent
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is not necessary. When the drawer asks thebanker
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to pay and does not specify the time for its payment, theinstrum
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ent is payable on demand (Sec.19).7.
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Dating of cheques.The drawer of a cheque is expected
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to date it before it leaves his hands. A cheque without a
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date is consideredincomplete and is returned unpaid by
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the banks. The drawer candate a cheque with the date earlier
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or later than the date on whichit is drawn. A cheque
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bearing an earlier date is antedated and theone bearing the
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later date is called post-dated. A post-datedcheque cannot
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be honoured, except at the personal
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risk of thebank ‟
s manager, till the date mentioned. A post-
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dated cheque isas much negotiable as a cheque for
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which payment is due, i.e.,the transferee of a post-
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dated cheque, like that of the cheque on which payment is
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due, acquires a better title than its transferor, if he is a
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holder in due course. A cheque that bears a date
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earlierthan six months is a stale cheque and cannot
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be claimed for.
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Question 6: Write short note on :A-
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Digital SignatureB-Information
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Technology ActAns:--
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A-Digital SignatureAuthentication of electronic records.
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Authentication is a process usedto confirm the identity of
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a person or to prove the integrity of information. The
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authentication of message involves determining itssource
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and verifying that it has not been modified or replaced in
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transit.Subject to the provisions of section 3 any subscriber
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may authenticatean electronic record by affixing his
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digital signature.The “hash function” means an
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algorithm mapping or translation of one
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sequence of bits into another, generally smaller set known as
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“hashresult” such that an electronic record yields the
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same hash result every time the algorithm is executed
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with the same electronic record as itsinput making it
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computationally infeasible(a) to derive or reconstruct
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the original electronic record from the hashresult produced
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by the algorithm;(b) that two electronic records
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can produce the same hash result using the algorithm.
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B-Information Technology Act
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In May 2000, at the height of the dot-com boom, India
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enacted the IT Act and became part of a select
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group of countries to have put in placecyber laws. In all
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these years, despite the growing crime rate in thecyber
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world, only less than 25 cases have been registered under the
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IT Act 2000 and no final verdict has been passed in
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any of these cases asthey are now pending
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with various courts in the country.
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Although the law came into operation on October 17, 2000, it
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still hasan element of mystery around it. Not only from the
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perception of thecommon man, but also from the
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perception of lawyers, law enforcing agencies and even
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the judiciary.The prime reason for this is the fact that
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the IT Act is a set of technicallaws. Another major
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hurdle is the reluctance on the part of companies
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to report the instances of cyber-crimes, as they don't
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want to get negative publicity or worse get entangled
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in legal proceedings. A majorhurdle in cracking
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down on the perpetrators of cyber-crimes such
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ashacking is the fact that most of them are not in India. The
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IT Act doesgive extra-territorial jurisdiction to law
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enforcement agencies, but suchpowers are
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largely inefficient. This is because India does not
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havereciprocity and extradition treaties with a large
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number of countries.The Indian IT Act also needs to evolve with
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the rapidly changing technology environment that breeds
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new forms of crimes andcriminals. We are now beginning
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to see new categories and varieties of cyber-crimes,
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which have not been addressed in the IT Act. Thisinclude
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s cyber stalking, cyber nuisance, cyber harassmen
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t, cyberdefamation and the like. Though Section 67
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of the InformationTechnology Act, 2000 provides for
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punishment to whoever transmitsor publishes or causes
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to be published or transmitted, any material w
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hich is obscene in electronic form with imprisonment for
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a term which may extend to two years and
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with fine which may extend totwenty five thousand
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rupees on first convection and in the event of second
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may extend to five years and also with fine which may
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extend tofifty thousand rupees, it does not expressly
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talk of cyber defamation.The above provision chiefly aim
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at curbing the increasing number of child pornograp
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hy cases and does not encompass other crimes
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whichcould have been expressly brought within its ambit such
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as cyberdefamation.
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