Question

What Are the Characteristics of Bills of Exchange?

Answer 1

Bills of exchange have the following characteristics:

1. A bill of exchange must be in writing.
2. It should essentially include an order to pay.
3. It is required to be signed by the drawer.
4. It should be an order to pay a certain amount of money.
5. The parties to the bill of exchange must be certain and must be mentioned in the bill of exchange.
6. The order must be to pay with money only.
7. The order must be definite and unconditional.

Also read:

• MCQs on Bills of Exchange
• Difference Between Bill of Exchange and Promissory Note
• Bill of Exchange

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