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Bill of exchange

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Bill of exchange
  • 1 answers

Yogita Ingle 4 years, 4 months ago

“A Bill of Exchange is an instrument in writing containing an unconditional order signed by the maker, directing a certain person to pay a certain sum of money only to, or the order of, a certain person or to the bearer of the instrument.” Section 5 of the Negotiable Instrument Act, 1881

Features of a Bill Exchange are:

1. A bill of exchange must be in writing

2. It must contain an order (and note a request) to make payment.

3. The order of payment must be unconditional.

4. The amount of bill of exchange must be certain.

5. The date of payment should be certain.

http://mycbseguide.com/examin8/

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