1. Define Bill of Exchange and Promissory Note. Distinguish between a bill of exchange and a promissory note. 2. What are the effects of endorsing a bill ? What are the different types of endorsement...

1. Define Bill of Exchange and Promissory Note. Distinguish between a bill of exchange and a promissory note. 2. What are the effects of endorsing a bill ? What are the different types of endorsement ? 3. What are the effects of dishonour of a bill ? 4. Write short notes on : (a) Noting charges; (b) Renewal of a bill; (c) Retiring of a bill. 5. Distinguish between Trade Bills and Accommodation Bills. 1. A bill of exchange must be -

A in writing

B signed by the drawee

C a conditional order to pay

D an unconditional promise to pay

6. A bill of exchange -

A requires no acceptance

B must be accepted

C can be drawn only on a bank

D is drawn by a debtor