Q.A bill of exchange dated 10th January 2024 is drawn for a term of 3 months. Ascertain the due date of the bill, assuming the calculated date does not fall on a public holiday.

The due date of a bill is fixed by adding the stated term to the date of the bill and then adding three days of grace, unless the bill is payable on demand.

A term of '3 months after date' is counted in calendar months from the date of the bill, arriving at the corresponding date three months later.

Step 1 — Nominal due date. Date of the bill = 10th January 2024. Adding 3 calendar months gives 10th April 2024.

Step 2 — Add days of grace. Since the bill is not payable on demand, three days of grace are added: 10th April + 3 days = 13th April 2024.

Step 3 — Holiday check. The question states the date does not fall on a public holiday, so no further adjustment is needed.

Verification: Counting forward independently — 10 Jan to 10 Feb is 1 month, 10 Feb to 10 Mar is 2 months, 10 Mar to 10 Apr is 3 months; then 11, 12, 13 April are the three days of grace — confirming the same date.

Forgetting to add the three days of grace after calculating the nominal due date; wrongly counting the days of grace from the date of the bill instead of from the nominal due date; and applying days of grace to a bill payable on demand or at sight, which never carries any grace days.