Bill of Exchange Meaning:
Section 5 of the Negotiable Instrument Act,1889, defines a bill of exchange as " 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, to the order of a certain person, or to the bearer of the instrument".
Essentials of Bill of Exchange:
1. Date
2. The Period of Currency
3. The Parties
4. The Amount
5. The Stamp
6. The Acceptance
