Write two characteristics of a bill of exchange. - Vidyadip

Question

Write two characteristics of a bill of exchange.

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Answer

Characteristics of Bill of Exchange:

Bill of Exchange is a written order.
It is drawn and signed by the maker, i.e., drawer of the bill.
It is an unconditional order to a person, i.e., drawee, to pay the specified amount. The drawee must accept it to make it a valuable document.
The specified amount is payable to the person named in the bill or to his order or to the bearer.
It specifies the date by which the amount should be paid.
It is accepted by the drawee to make it a legal document.

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