📝 One-liners · 70 cards
Bills of Exchange
Define a Bill of Exchange under Section 5 of NI Act, 1881.
Written instrument signed by drawer containing unconditional order to pay fixed sum to named payee.
Name the three parties to a bill of exchange and their roles.
Drawer (creditor/seller), Drawee/Acceptor (debtor/buyer), Payee (money recipient).
What are the two parties to a Promissory Note?
Maker (debtor who promises to pay) and Payee (creditor who receives payment).
Define a Cheque under Section 6 of NI Act, 1881.
Bill of exchange drawn on specified banker, payable on demand; includes electronic truncated cheque.
🔒
Unlock 70 revision one-liners
Interactive flashcard deck — flip every card to drill questions and answers, mark the ones you got wrong, and revise smarter for Bills of Exchange.
🪙
Unlock cost
300 coins
30-day access · re-unlocks free for 30 days