BILL OF EXCHANGE
Section 5 of the Negotiable Instruments
´A bill of exchange is an instrument
in writing
containing an
unconditional order
,
signed by themaker
, directing
a certain person to pay
a certainsum of money only to or to the order of,
a certainperson
or to the bearer of the instrument.µ
Essentials of a Bill of Exchange
1.It must be in writing.2.It must contain an order to pay.3.The order to pay must be unconditional.4.It must be signed by the drawer.5.The drawer, drawee and payee must be certain
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