Features of bills of exchange are given below :
- A bill of exchange must be in writing.
- It is an order to make payment.
- The order to make payment is unconditional.
- The maker of the bill of exchange must sign it.
- The payment to be made must be certain.
- The date on which payment is made must also be certain.
- The bill of exchange must be payable to a certain person.
- The amount mentioned in the bill of exchange is payable either on demand or on the expiry of a fixed period of time.
- 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