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Bill Of Exchnage
What is a Bill of Exchange as defined under the Negotiable Instruments Act, 1881?
A Bill of Exchange is an unconditional order in writing, addressed by one person to another, 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.
What is the full form of NI Act and in which year was it enacted?
Negotiable Instruments Act enacted in year 1881.
Who are the three parties in a Bill of Exchange?
The three parties are the Drawer (who draws/creates the bill), the Drawee (on whom the bill is drawn and who is directed to pay), and the Payee (who receives the payment).
Who is the 'drawee' in a Bill of Exchange?
Person on whom the bill is drawn and ordered to pay.
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