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The parties t...

Question

The parties to a bill of exchange are ?

A

Drawer, Drawee & Maker

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B

Drawer, Drawee & Payee.

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C

Payee, Drawee & Maker

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D

Drawer. Maker & Payee

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Solution

The correct option is B
Drawer, Drawee & Payee.

Drawer, Drawee & Payee.

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Q.
Identify which of the following is true and which is false.
P. A promissory note is a three-party instrument.

Q. In a bill of exchange, there are three parties, drawer, drawee and payee.
R. A promissory note can be made payable to the maker himself.
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Select the correct answer from the options given below-

Q. A bill of exchange is drawn by the drawer upon his drawee.

Q. Prepare a specimen of Bill of Exchange from the following information:
1. Drawer - Shri Ratnakar Patil,
205, New Bazer,
Amaravati.
2. Drawee - Shri Jairam Purohit,
Hiwarkheda Road,
Kannad.
3. Payee - Shri Rohit Joshi,
Kedareshwar Market,
Ladjalgaon.

4. Period of bill - 3 month
5. Amount of bill - Rs. 25,000
6. Date of bill -

25^{t h}

August, 2013
7. Date of acceptance -

28^{t h}

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The bill is drawn as an order to drawee to pay certain amount to payee. If drawee refuses to honour the bill, another person may be named in the bill itself, as _____.

Drawer and Payee can be the same person in case of a bill of exchange. Is the statement true?

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