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List the features of Bill of Exchange.


Posted- 2518 days ago
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Features of bills of exchange are given below :

  1. A bill of exchange must be in writing.
  2. It is an order to make payment.
  3. The order to make payment is unconditional.
  4. The maker of the bill of exchange must sign it.
  5. The payment to be made must be certain.
  6. The date on which payment is made must also be certain.
  7. The bill of exchange must be payable to a certain person.
  8. The amount mentioned in the bill of exchange is payable either on demand or on the expiry of a fixed period of time.
  9. It must be stamped as per the requirement of law.
 

1) the bill must be in writing

2) the amount to be paid must be specified

3) there must be a promise to pay the certain amount of money

4) the promise to make the payment must be unconditional

5) the name of the payee must be mentioned