HomeFWJ TakeawayResourcesBills of Exchange Act 1882

The legal definition of a bill of exchange under the Bills of Exchange Act 1882 is as follows:

  • An unconditional order in writing addressed by one person to another, signed by the person giving it, requiring the person to whom it is addressed to pay on demand or at a fixed or determinable future time a certain sum in money to order or to bearer.

Our banking and finance solicitors have explained bills of exchange in an informal language as being, a written order from one party (the drawer) to another (the drawee) to pay a specified sum on demand or on a specified date to the drawer or to a third party specified by the drawer.

The legal definition of promissory notes under the Bills of Exchange Act 1882, Part IV is as follows:

  • A promissory note is an unconditional promise in writing made by one person to another signed by the maker, engaging to pay, on demand or at a fixed or determinable future time, a sum certain in money, to, or to the order of, a specified person or to bearer.

Our banking and finance solicitors have explained that a promissory note is an informal language as being, a signed document containing a written promise to pay a stated sum to a specified person or the bearer at a specified date or on demand.

Are there any other terms or provisions within the Bills of Exchange Act 1882 which you want explained? If so, please contact one of our banking and finance solicitors who can help you.


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