Question

What are the impkrtant features of bill of exchange?

Answer 1

Explanation:

The parties to the bill (the drawer, the drawee, and the payee) should be certain and definite individuals. There should be a definite amount to be paid. The payment needs to be paid in cash than in kind. The bill can be either on demand or after a specific time period.

t contains an unconditional order to pay. It means that no conditions can be attached for making the payment. It mainly involves three parties: Drawer, Drawee and Payee. In most of the cases, the Drawer and Payee are the same person as the Drawer draws the bill in his/her own favour.

Answer 2

Answer:

The parties to the bill (the drawer, the drawee, and the payee) should be certain and definite individuals. There should be a definite amount to be paid. The payment needs to be paid in cash than in kind. The bill can be either on demand or after a specific time period.

Explanation:

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