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Question
What are the characteristics of a bill of exchange?
Short Note
Solution
Characteristics of a Bill of Exchange:
- A bill of exchange is a document in writing.
- The document must contain an order to pay.
- The order must be unconditional.
- The instrument must be signed by the person who draws it.
- The name of the person on whom the bill is drawn must .be specified in the bill itself.
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Bills of Exchange, Cheque, Promissory Note – Comparison
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