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A bill of exchange can be used by any person to give money and is usually accepted before the payment can be made. A cheque can be used by a certain bank for anyone and therefore does not have to be accepted.
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What is a bill of exchange used for?
A bill of exchange is like a personal check. The person who wrote the check is instructing the bank (a third party) to cash the check for the payee. A promissory note is also a bill of exchange that instructs a person to pay a certain amount to another person.
What is bill of exchange used for?
A bill of exchange is like a personal check. The person who wrote the check is instructing the bank (a third party) to cash the check for the payee. A promissory note is also a bill of exchange that instructs a person to pay a certain amount to another person.
Need a sample of bill of exchange?
bill of exchange
Advantages and disadvantages of bill of exchange?
advantages of bill of exchange
What are the examples of a documentary bill of exchange?
documentary bill of exchange
State the similarities between a cheque and bill of exchange?
Both of them are forms of payment. Both promise the receiver that they will receive money. There are three parties in both, the payee, the drawer, and the drawee.
What similarities do the UDHR and the US bill of right and the later amendments have?
What similarities do the UDHR and the US bill of right and the later amendments have
Difference Between Bills Of Exchange And A check?
The following are the main differences between a cheque and a bill of excyange.A cheque is always drawn on a banker, whereas a bill of exchange can be drawn on any person including a banker.A cheque is always payable on demand, whereas a bill of exchange is either payable on demand or after a fixed period.Payment of a cheque can be countermanded, whereas the payment of a bill of exchange cannot be counter mended.A cheque can be made payable to a bearer, but a bill of exchange can be made payable only to order.A cheque is a means of payment. But a bill of exchange is usually used for financing a trade.In a cheque, the drawer of the cheque is primarily responsible, but in a bill of exchange, the drawee or acceptor is primarily responsible for payment.When a cheque is dishonoured, noting and protesting is not necessary/required. But when a bill of exchange is dishonoured, noting and protesting is necessary.When a cheque is dishonoured, the holder of the cheque need not give notice of dishonour to the drawer to make him liable on the cheque. But on the other hand, when a bill of exchange is dishonoured, notice of dishonour is to be given to all parties, including the drawer to make them liable on the instrument.A cheque can be crossed, but a bill of exchange needs no crossing.M. J. SUBRAMANYAM, BANGALORE
What are the advantages and disadvantages of bill of exchange?
bill exchange is at an advantage of getting items by exchanging at a fair rate
Difference between bill of exchange and promissory note?
difference between bill of exchange and promissory note?
What is a bill of exchange?
A bill of exchange is a document demanding payment from another party, especially in international trade.
What is an example of exchange?
You have a $5 bill. You exchange it in for 5 $1 bills.
