Question

What are the aims and objectives of the bill of exchange?

Answer 1

A bill of exchange is a written order used primarily in international trade that binds one party to pay a fixed sum of money to another party on demand or at a predetermined date. The aims and objectives of the bill of exchange are allow the financier to have a legal claim on both the buyer and seller, provide the seller with finance by transferring their debts to a bank, grant the credit for trade lawfully by making payments on prospective agreed dates.