define Bill of exchange.what are the features of Bill of exchange?
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Explanation:
A bill of exchange is abinding agreement by one party to pay a fixed amount of cash to another party as of a pre determined date or demand.
Features
A bill of exchange an writting instrument.
It is drawn and signed by a maker i.e. drawer of bill
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Answer:
The following are the features of bills of exchange:
A bill of exchange an instrument in writing. It is drawn and signed by the maker i.e. drawer of the bill. It is drawn on a specific person i.e. drawee, to pay the specified amount. Contains an unconditional order to a person i.e. drawee.
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