Which of the following best defines a bill of exchange?

Verified Solution4 OptionsUpdated: October 2026

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1A written unconditional order by the drawer directing the drawee to pay a certain sum to the payee either on demand or at a fixed future date✓
2A document guaranteeing only deferred custom duty payments
3An agreement between buyer and seller without involving any legal obligations
4A cheque issued by a bank for immediate payment only

Correct answer

A written unconditional order by the drawer directing the drawee to pay a certain sum to the payee either on demand or at a fixed future date

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