i. In case of bill drawn payable ‘on demand,’ no grace days are allowed. ii. A bill is required to be accepted by Drawer.

Question

Do you agree or disagree with the following statements:

i. In case of bill drawn payable ‘on demand,’ no grace days are allowed.

ii. A bill is required to be accepted by Drawer.

iii. A bill of exchange need not be dated.

iv. A bill before acceptance is called Promissory Note.

v. Renewal is requested by the drawee to extend the credit period of the bill.

Answer 1

i. Agree

ii. Disagree

iii. Disagree

iv. Disagree

v. Agree