BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -“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.

Detailed explanation-2: -The promise to pay is an unconditional promise; this means your obligation to pay isn’t subject to any condition such as requiring that a specific event must first happen, or a particular action must first be taken.

Detailed explanation-3: -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. [

Detailed explanation-4: -An unconditional promise to pay a certain amount of money to a named party or the holder of the note, or to deposit that money as such persons direct. A promissory note must be in writing and signed by the maker of the promise.

Detailed explanation-5: -Explanation (ii)-A Promissory note, bill of exchange or cheque is payable to bearer which is expressed to be so payable or on which the only or last indorsement is an indorsement in blank.