Question

A bill of exchange must contain "an unconditional promise to pay" Do
you agree with a statement?

Answer 1

Yes, I agree with the statement

Explanation:

• A bill of exchange is the order which is in written form and used as primarily in the international trade, which binds the party to pay the fixed amount of money to another party on demand or on specified date and time.

• As per the Negotiable Instrument Act, 1981, it is an instrument, which is writing  and contains the unconditional promise or order, signed by the party and directs to pay a certain amount to the person on order.

• So, yes, it contains the unconditional promise to pay the person on demand or a pre- determined date.

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Answer 2

Answer:

Yes, I agree with the statement

Explanation:

A bill of exchange is the order which is in written form and used as primarily in the international trade, which binds the party to pay the fixed amount of money to another party on demand or on specified date and time.

As per the Negotiable Instrument Act, 1981, it is an instrument, which is writing  and contains the unconditional promise or order, signed by the party and directs to pay a certain amount to the person on order.

So, yes, it contains the unconditional promise to pay the person on demand or a pre- determined date