Accountable receipt

You hand your cousin Rs. 50,000 in cash to book a hall for a family function, and he says he will spend it and give you the bill. Three months later the function is over, the hall is booked elsewhere and the money has vanished into a conversation about how hard things are. A scrap of paper signed on the day, saying he received the money and will account for it, would have changed everything. What exactly should that paper say?

In two minutes

An accountable receipt is a written acknowledgment that money or property has been received for a stated purpose, with an undertaking to account for it, return the unused balance and apply it only as agreed.

The rest of this chapter

The full explanation, the cheat sheet, every previous-year question at every mark weight, the quiz and the answer skeletons are part of Drafting, Pleading and Conveyancing – I on LexBlox Semester. Sign in to unlock the subject, or read Module 1 of Legal Language and Writing free.