📝 One-liners · 66 cards
Laws relating to bill Finance
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 the addressee to pay a certain sum of money to or to the order of a specified person or the bearer on demand or at a fixed or determinable future time.
What is a 'bill of exchange' used as a primary instrument in trade finance?
A written order directing one party to pay another.
What is the difference between a 'sight bill' and a 'usance bill'?
A sight bill (demand bill) is payable immediately on presentation, while a usance bill is payable after a specified period (usance) from the date of the bill or from the date of acceptance.
What is the 'drawer' of a bill of exchange?
The party who creates and signs the bill.
🔒
Unlock 66 revision one-liners
Interactive flashcard deck — flip every card to drill questions and answers, mark the ones you got wrong, and revise smarter for Laws relating to bill Finance.
🪙
Unlock cost
300 coins
30-day access · re-unlocks free for 30 days