Question

In how many ways is a bill of exchange accepted?

Hint:

Acceptance converts a bill into a binding promise; check for conditions.

Answer 1

Step 1: A bill of exchange is accepted when the drawee agrees to pay the amount by signing it, which can be done in two primary ways. Step 2: The first way is general acceptance, where the drawee simply signs the bill without conditions. The second way is qualified acceptance, where the drawee accepts with conditions (e.g., partial payment or a different due date). Step 3: Thus, there are two ways of acceptance.