This lecture sample from Ideal Classes covers the topic - Bills of Exchange and Accommodation Bills.A Bill of Exchange is, "an instrument in writing, containing an unconditional order, signed by the maker, directing a certain person, to pay certain around of money, only to the order of certain person or to the bearer of the instrument." Bill of Exchange is governed by the Negotiable Instrument Act, 1881. Bill of Exchange requires acceptance. Before acceptance, it is called as 'Draft'. Bills of Exchange has three parties viz. Drawer, Drawee & Payee. A person who draws the bill is known the bill is known as 'Drawer'. Creditor draws a bill on debtors. The person on whom bill is drawn is called as Drawee. When he accepts the bill he become acceptors. A person in whose favour the payment of bill is directed is called a 'payee'. The relationship between drawer and drawee is that of Creditor and Debtor.
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