What is Bill of Exchange.
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Answer / aishwarya.p
An unconditional order issued by a person or by a business
with the receipt to pay a fixed sum of money to the third
party to a future date. The future date may be fixed or
negotiate.
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Answer / bhaskar
A non-interest-bearing written order used primarily in
international trade that binds one party to pay a fixed sum
of money to another party at a predetermined future date.
| Is This Answer Correct ? | 4 Yes | 0 No |
Answer / guest
Bills of exchange are similar to checks and promissory
notes. They can be drawn by individuals or banks and are
generally transferable by endorsements. The difference
between a promissory note and a bill of exchange is that
this product is transferable and can bind one party to pay a
third party that was not involved in its creation. If these
bills are issued by a bank, they can be referred to as bank
drafts. If they are issued by individuals, they can be
referred to as trade drafts
Amit Kumar
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