WebA bill of exchange may involve the following parties. 1. Drawer This is the person who writes and signs the bill. 2. Drawee This is the person on whom the bill is drawn. 3. Acceptor This is the person who accepts the bill. In practice, the drawee is the acceptor but a third person may accept a bill on behalf of the drawee. 4. WebJul 5, 2024 · drawer, drawee and payee is an important concept in bill of exchange and as well as in the case of a check. Watch this video till the end to get full knowled...
Bills of Exchange Multiple-Choice Questions (MCQs) with Answers
WebBill of Exchange payable on demand does not require stamp duty. Promissory note has only two parties i.e. drawer and payee: Bill of exchange may have three parties, drawer, drawee and may be payee. Since debtor himself makes the promise to make the payment, hence no acceptance required in this case: To be a legal document, it must be accepted ... WebMar 30, 2024 · This party requires the drawee to pay a third party (or the drawer can be paid by the drawee). Payee. This party is paid the amount specified on the bill of … nike statement of comprehensive income
Bills of Exchange - What Is It, Types, Examples
WebFeb 13, 2024 · The drawee is the party that pays the sum specified by the bill of exchange. The payee is the one who receives that sum. The drawer is the party that obliges the … WebMar 13, 2024 · Important Elements of Bill of Exchange 1. Drawer. An individual or company who makes the bill of exchange. 2. Drawee. An individual or company directed to pay the sum of money mentioned in the bill of exchange. 3. Payee. An individual or a company who will receive the money. 4. Holder WebThe main components of a bill of exchange in India are: Date: The date on which the bill of exchange is drawn. Parties: The name and address of the drawer, the drawee, and the payee must be clearly mentioned in the bill of exchange. Amount: The bill of exchange must specify the amount of money that is to be paid, along with the currency in ... n the robot