Test Your Understanding · Q1
Q.Fill in the blanks:
(i) A bill of exchange is a ___________ instrument.
(ii) A bill of exchange is drawn by the ___________ upon his ___________.
(iii) A promissory note is drawn by ___________ in favour of his ___________.
(iv) There are ___________ parties to a bill of exchange.
(v) There are ___________ parties to a promissory note.
(vi) Drawer and ___________ cannot be the same party in case of a bill of exchange.
(vii) A bill of exchange in Indian languages is called ___________.
(viii) ___________ days of grace are added in the terms of the bill to calculate the date of its ___________.
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Reasoning, blank by blank
| # | Answer | Why |
|---|---|---|
| (i) | negotiable | A bill of exchange is a negotiable instrument under the Act. |
| (ii) | drawer … drawee | The creditor (drawer) draws the bill on the debtor (drawee). |
| (iii) | debtor … creditor | A promissory note is made by the debtor in favour of the creditor. |
| (iv) | three | Drawer, drawee and payee. |
| (v) | two | Maker (drawer) and payee. |
| (vi) | drawee | In a bill, the drawer cannot also be the drawee. |
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