Essential of Bill of Exchange

What are Essentials of Bills of Exchange?

1. The bill must be an unconditional order.

2. It must be in writing.

3. It must be signed by the maker.

4. The drawer must be a certain person.

5. The drawee must be certain.

6. The payee must be certain person.

7. The amount payable in the bill must be certain.

8. The order must be to pay money and money only.

9. The amount must be payable on demand or a fixed or determinable time.

10. It must be stamped according to the value of the bill.

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