6
Question
The party who is ordered to pay the amount of bill is known as _______.
The party who is ordered to pay the amount of bill is known as _______.
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Solution
The correct option is A Drawee
As per Negotiable Instruments Act , Bill of exchange is an unconditional order to pay for the value received today.
As buyer has an obligation of debt because of credit Purchase of goods by him , under bill of exchange he becomes Drawee as the bill drafts such order for making payment.
As per Negotiable Instruments Act , Bill of exchange is an unconditional order to pay for the value received today.
As buyer has an obligation of debt because of credit Purchase of goods by him , under bill of exchange he becomes Drawee as the bill drafts such order for making payment.
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