111. Define Bill of Exchange? The negotiable instruments act, 1881 definesa ‘bill of exchang’ as “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.
101. What is business cycle? A recurring sequence of changes business activity. 102. What is a Bank? According to Prof: John pagets “no one or nobody coporate or otherwise can be a banker who does not open current accounts; pay cheques drawn on himself and collect cheques for costomers”. 103. What is an exchange bank?