BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: –If the holder of a bill of exchange allows the drawee more than 1[forty-eight] hours, exclusive of public holidays, to consider whether he will accept the same, all previous parties not consenting to such allowance are thereby discharged from liability to such holder.

Detailed explanation-2: -The holder must, if so required by the drawee of a bill of exchange presented to him for acceptance, allow the drawee forty-eight hours (exclusive of public holidays) to consider whether he will accept it.

Detailed explanation-3: -“acceptor”.-After the drawee of a bill has signed his assent upon the bill, or, if there are more parts thereof than one, upon one of such parts, and delivered the same, or given notice of such signing to the holder or to some person on his behalf, he is called the “acceptor”. “acceptor for honour”.

Detailed explanation-4: -a) Inland Bills A bill of exchange may be an inland instrument under two conditions. Firstly, the bill must be drawn as well as payable within India. Secondly, it may also be drawn in India upon an India resident but payable in a foreign country.

Detailed explanation-5: -Instruments payable on demand.-A promissory note or bill of exchange, in which no time for payment is specified, and a cheque, are payable on demand.