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Explain the essential elements of bills of exchange?
Essential of Bill of Exchange 1. The bill must be an unconditional order. 2. It must be in writing. 3. It must be signed by the maker. 4. The drawer must be a certain person. 5. The drawee must be certain. 6. The payee must be certain person. 7. The amount payable in the bill must be certain. 8. The order must be to pay money and money only. 9. The amount must be payable on demand or a fixed or determinable time. 10. It must be stamped according to the value of the bill.
Characteristics of modern bill of exchange and how does a bill of exchange operate?
The important characteristics of a bill of exchange are: 1. It must be in writing. 2. It must be an order to pay, and not a request to pay. 3. The order must be unconditional. 4. The order must be signed by the maker, i.e. the drawer. 5. The order must be directed to a certain person. 6. The order must be for the payment of money only. 7. The money payable must be certain, and not vague. 8. The money must be payable to a certain person mentioned in the instrument or to his order or to the bearer of the instrument. 9. It must bear the required revenue stamp. A bill of exchange is playing an important part in the commercial life of the country. The need for it arises where the buyer of goods needs a period of credit before paying it, it is drawn by the creditor and is accepted by the debtor. According to F.W Muller a bill of exchange is an unconditional order in writing addressed by one person to another, signed by the person giving it, requiring the person to whom it is to pay on demand or at a fixed or determinable future time a sum certain in money to or the order of a certain person or to bearer. There are certain characteristics of the bill of exchange. A bill of exchange must be in writing. It must contain an order to pay. The order to pay must be unconditional. If it is subject to the happening of some events, it will not be a bill of exchange. It must be signed by the drawer and properly stamped. The parties to the bill, the drawer and the drawee and payee must be certain and definite individuals. The amount payable must be certain. The payment must be made in money and not in kind.
What is the main difference between debit and credit transactions?
The main difference between debit and credit transactions is that a debit transaction involves money being taken directly from a bank account, while a credit transaction involves borrowing money that must be paid back later.
How can an 18 year old start a business with no money or credit?
first you must find a good business idea, then you can find a person who has money to invest in your business.
When you pay with a credit card do you pay interest?
To have interest on a credit card bill, you must have not paid a bill in full. When this happens, on your next bill, it will inform you that you must pay your current bill, the remainder of your last bill, and a certain amount of interest.
Where must bill dealing with money originate?
HOR: House of Reps
Do you start life with money?
No, individuals do not start life with money. They must earn or receive money through various means such as work, investments, or gifts.
A bill regarding taxes must start in which house of congress?
all bills regarding taxes must start in the house of representatives
Explain the essential elements of bills of exchange?
Essential of Bill of Exchange 1. The bill must be an unconditional order. 2. It must be in writing. 3. It must be signed by the maker. 4. The drawer must be a certain person. 5. The drawee must be certain. 6. The payee must be certain person. 7. The amount payable in the bill must be certain. 8. The order must be to pay money and money only. 9. The amount must be payable on demand or a fixed or determinable time. 10. It must be stamped according to the value of the bill.
Where must a representative place his bill to start the legislative process in the House?
in his pants
What must happen to have a bill sent to the president?
Most bills start in committees. A bill that passes committee is then voted on in the full house or senate. A bill must pass the house and the senate, and then it goes to the president.
Who must give permission to spend government money?
Congress. Both the House and Senate must pass a bill, called "appropriations" and signed by President, to draw money from the Treasury.
Money bills can only be introduce in which house?
Every bill that deals with money or anything in that nature must begin in the House of the Representatives
Money bills or bills for raising revenue must start in the?
House of Rep.
Characteristics of modern bill of exchange and how does a bill of exchange operate?
The important characteristics of a bill of exchange are: 1. It must be in writing. 2. It must be an order to pay, and not a request to pay. 3. The order must be unconditional. 4. The order must be signed by the maker, i.e. the drawer. 5. The order must be directed to a certain person. 6. The order must be for the payment of money only. 7. The money payable must be certain, and not vague. 8. The money must be payable to a certain person mentioned in the instrument or to his order or to the bearer of the instrument. 9. It must bear the required revenue stamp. A bill of exchange is playing an important part in the commercial life of the country. The need for it arises where the buyer of goods needs a period of credit before paying it, it is drawn by the creditor and is accepted by the debtor. According to F.W Muller a bill of exchange is an unconditional order in writing addressed by one person to another, signed by the person giving it, requiring the person to whom it is to pay on demand or at a fixed or determinable future time a sum certain in money to or the order of a certain person or to bearer. There are certain characteristics of the bill of exchange. A bill of exchange must be in writing. It must contain an order to pay. The order to pay must be unconditional. If it is subject to the happening of some events, it will not be a bill of exchange. It must be signed by the drawer and properly stamped. The parties to the bill, the drawer and the drawee and payee must be certain and definite individuals. The amount payable must be certain. The payment must be made in money and not in kind.
What is a bill to raise money called?
The bills proposed to raise money for the federal government are called revenue bills. Revenue bills must pass through both houses, but originate in the House of Representatives.
What is the main difference between debit and credit transactions?
The main difference between debit and credit transactions is that a debit transaction involves money being taken directly from a bank account, while a credit transaction involves borrowing money that must be paid back later.
