Bill of Exchange:
A bill of exchange is an instrument in writing containing an unconditional order signed by the maker, directing a certain person to pay a certain sum of money only to, or to the order of, a certain person or to the bearer of the instrument for value received.
Any two of the following characteristics of bill of exchange:
(i) It is a written document.
(ii) It is drawn by the creditor upon his debtor.
(iii) It contains an unconditional order to pay.
(iv)The amount payable mentioned in it is certain.
(v) It requires acceptance by the debtor (drawee) or someone else on behalf of the debtor.
(vi) It is a negotiable instrument and its ownership can be transferred by endorsement and delivery.
(vii) It must be dated and stamped as per the provisions of the Indian Stamps Act.
(viii) It must be duly presented by its holder to the acceptor on the date of maturity during business hours.
