Question

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ancor ou
(k) Define bill of exchange.​

Answer 1

Explanation:

A bill of exchange does not usually include a requirement to pay interest. If interest is to be paid, then the percentage interest rate is stated on the document. If a bill does not pay interest, then it is effectively a post-dated check. If an entity accepts a bill of exchange, its risk is that the drawee may not pay.

Answer 2

Bills of exchange is a written promissory note, where drawee accepted to pay the stated amount to the drawer on maturity period.