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Bill of Exchange — Account STD 11 Commerce — Question

CBSE BoardEnglish MediumSTD 11 CommerceAccountBill of Exchange3 Marks
Question
State any four essential features of bill of exchange.
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Answer

The four essential features of bills of exchange are:
  1. It must be a written document.
  2. It is an unconditional order to pay by the drawer to the drawee.
  3. The maker of bill must sign it, without which it will not be a legal proof.
  4. The amount to be paid along with its expiry date must be specifically mentioned (both in figures and words) in a bill of exchange.

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