BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -A “bill of exchange” is an instrument in writing containing an unconditional order, signed by the maker, directing a certain person to pay on demand or at fixed or determinable future time a certain sum of money only to, or to the order of, a certain person or to the bearer of the instrument.

Detailed explanation-2: -A draft is an unconditional order by one person (the drawer) directing another person (drawee or payor) to pay money to a named third person or to bearer; a check is the most familiar type of draft.

Detailed explanation-3: -A draft is a written order by the first party, called the drawer, instructing a second party, called the drawee (such as a bank), to pay money to a third party, called a payee.

Detailed explanation-4: -Code (UCC), a commercial paper must conform to the following requirements: It must be in writing and signed by the maker or drawer. It must contain an unconditional promise or order to pay a definite sum in money. It must be payable on demand or at a definite time.

Detailed explanation-5: -In the context of negotiable instruments, a promise or order is unconditional if it does not state an express condition to payment, if the promise or order is not subject to or governed by another record, or if the rights or obligations with respect to the promise or order are not stated in another record. [