Question

What is "bill of exchange"? Distinguish it from a "Cheque" under the negotiable Instrument Act, 1881​

Answer 1

Answer:

A bill of exchange exists in section 5 of the negotiable instruments act, 1881. A cheque has no grace period once it is presented for the payment. A bill of exchange has three days of grace period. A Cheque does not need any approval from the parties before presented for payment.

Explanation:

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