Question

Bill of exchange is a instrument in writing, containing an unconditional order. (State True or False)

Answer 1

TRUE......

BILL OF EXCHANGE ...IS A INSTRUMENT IN WRITTEN FORM.

Answer 2

Answer:

Yes, the given statement is true.

Explanation:

According to Bills of Exchange of Act, 1882 "A bill of exchange is an unconditional order in writing, addressed by one person to another, signed by the person giving it, requiring the person to whom it is addressed to pay on demand, or at a fixed or determinable future time, a sum certain in money to or to the order of, a specified person, or to the bearer."

There are three parties to the bills of exchange:

1) the drawer: who makes the bill or who orders the drawee to pay to the payee certain sum of money.

2) the drawee: for whom bill is made or the person who pays to the payee.

3) the payee: to whom money is paid.