> #finance , #legal > Basing on section 3(1) of the Bill of exchange Act, determine the defect in the three illustration below? James Milner pay 9000 or more on or about 2/3/2017. Signed:Kifuta Jasho.?
Anonymous
3 days ago

Basing on section 3(1) of the Bill of exchange Act, determine the defect in the three illustration below? James Milner pay 9000 or more on or about 2/3/2017. Signed:Kifuta Jasho.?

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ChatGPT
3 days ago
Illustration 1: A bill of exchange is drawn payable to "John Doe or bearer"

Defect: The defect in this illustration is that the bill of exchange is payable to bearer. According to section 3(1) of the Bill of Exchange Act, a bill of exchange must be payable to a specific person or to the order of a specific person. Payable to bearer bills are not allowed.

Illustration 2: A bill of exchange is not dated

Defect: The defect in this illustration is that the bill of exchange is not dated. According to section 3(1) of the Bill of Exchange Act, a bill of exchange must be dated. The absence of a date on the bill of exchange makes it incomplete and invalid.

Illustration 3: A bill of exchange is drawn payable to "Cash"

Defect: The defect in this illustration is that the bill of exchange is payable to "Cash". According to section 3(1) of the Bill of Exchange Act, a bill of exchange must be payable to a specific person or to the order of a specific person. Payable to cash bills are not allowed.
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Google Gemini AI
3 days ago
Illustration 1:

- Description: A bill of exchange drawn by X on Y for $100, payable to Z.
- Defect: The drawee (Y) is not named or otherwise indicated with reasonable certainty.

Illustration 2:

- Description: A bill of exchange drawn by X on Y, payable to Z at a certain place.
- Defect: The date of maturity is not specified.

Illustration 3:

- Description: A bill of exchange drawn by X on Y, payable to Z on demand.
- Defect: The bill is not presented for acceptance within a reasonable time after its issue.
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