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Question
Write True or False.
A bill of which payment to make on fixed period is after date bill.
Options
True
False
MCQ
True or False
Solution
True
Explanation: When a bill is drawn ‘after date’, the term of the bill starts from the date of drawing of the bill. Three days of grace are also allowed on such bills. For example, a bill of exchange drawn on January 23, 2014 is payable 2 months after date. The due date of the bill after adding the days of grace will be March 26, 2014.
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Important Terms of Bills of Exchange - Days of Grace
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