Definition of Bills of Exchange:-
A bill of exchange is an instrument in writing containing an unconditional order, signed by the maker, directing a certain person to pay a certain sum of money only to, or to the order of, a certain person, or to the bearer of the instrument.
—Section 5 of the Negotiable Instruments Act, 1881.
The characterstics of bills of exchange are:
1. It should be in writing.
2. It is an order to make payment.
