Explain the bill of exchange describe various parties of bill of exchange
Answers
It is the written order to a person who is supposed to pay any particular amount to payee that is a promisory note.It guarantees the payment of a particular amount of money.
According to the bill of exchange there are three parties the drawer ,the drawee and the payee.
Drawer is the person who draws the money.Drawee is the person for whom the money is drawn and payee is the person to whom the amount is to be paid.
Answer
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Bill of exchange :-
A negotiable instrument drawn by one party (drawer) and other party (drawee) requiring the letter to pay a specified sum of money on site or after the specified period of time.
Bill of Lading :-
A document acknowledging the receipt of goods on board a ship it is issued by the master of the ship on behalf of the shipping company.It also contains the terms and conditions under which the goods are to be carried.
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