1.

Explain the features and types of Commercial Bills.

Answer»
  • Drawer 
  • Acceptor 
  • Payee 
  • Discounter 
  • Endorser 
  • Assessment 
  • Maturity 
  • Credit Rating

Types:

  • Demand and Usance Bills: A demand bill is one wherein no specific time of payment is mentioned. So, demand bills are payable immediately when they are presented to the drawee.
  • Clean Bills and Documentary Bills: Bills that are accompanied by documents of title to goods are called documentary bills. Clean bills are drawn without accompanying any document.
  • Inland Bills and Foreign Bills: Bills that are drawn and payable in India on a person who is resident in India are called inland bills.
  • Indigeneous Bills: The drawing and acceptance of indigenous bills are governed by native custom or usage of trade.
  • Accommodation and Supply Bills: Accommodation bills are those which do not arise out of genuine trade of transactions.


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