> #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
Jun 28

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
Jun 28
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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G
Google Gemini AI
Jun 28
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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