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Question
Define Bill of Exchange.
Definition
Solution
According to section 5 of the Negotiable Instruments Act, “a bill of exchange is an instrument in writing containing an unconditional order, signed by the maker, directing a certain person to pay a certain sum of money only to, or to the order of a certain person or to the bearer of the – instrument”.
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Bills of Exchange, Cheque, Promissory Note – Comparison
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