41. Who is drawer?
The maker of a bill of exchange is called the "Drawer". He is a creditor.
42. Who is drawee?
The person, on whom the bill is drawn is called the "Drawee". He is a debtor.
43. Who is payee?
Payee is the person or party to whom the amount of bill is made payable.
44. What is the due date of bill?
The date on which the payment of the bill becomes due is known as due date.
45. What is an acceptance to bill of exchange?
Bill is said to be accepted when drawee writes the word "accepted" and puts his signature and date on bill.
46. What is qualified acceptance?
When the acceptor accepts the bill with certain condition, then the acceptance is said to be qualified acceptance.
47. When the bill is said to be honoured?
When the acceptor pays the amount of the bill on its due date the bill is said to be honoured.
48. When the bill is said to be dishonoured?
When drawee refuses to make a payment of bill, then the bill is said to be dishonoured.
49. What is inland bill of exchange?
Bill of Exchange which is drafted, accepted and made payable within the territory of same country is called inland bill.
50. What is foreign bill of exchange?
A bill of exchange which is drawn in one country and made payable in another country is called "Foreign bill of exchange".