Bill of exchange need and important in project 12 th
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The Bill of Exchange act 1882 is a United Kingdom Act of Parliament concerning bills of exchange. The Act was drafted by Sir Mackenzie Chalmers, who later drafted the Sale of Goods Act 1893 and the Marine Insurance Act 1906. A written order to a person requiring them to make a specified payment to the signatory or to a named payee.
Bills of exchange are widely used to finance trade and, when discounted with a financial institution, to obtain credit. Expressing in less formal language, it is a written order from one party (the drawer) to another (the drawee) to pay a specified sum on demand or on a specified date to the drawer or to a third party specified by the drawer.
Bills of exchange are widely used to finance trade and, when discounted with a financial institution, to obtain credit. Expressing in less formal language, it is a written order from one party (the drawer) to another (the drawee) to pay a specified sum on demand or on a specified date to the drawer or to a third party specified by the drawer.
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