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Commerce Legal Aspects Of Business Difficulty: Medium

Which of the following is/are true about Bill of Exchange? 1. A bill of exchange requires in its inception two parties. 2. A bill of exchange or 'draft' is a written order by the drawer to the drawee to pay money to the payee. 3. Bills of exchange are used primarily in international trade, and are written orders by one person to his bank to pay the bearer a specific sum on a specific date. 4. Definition of 'Bill of Exchange' is mentioned in Section 6 of the Negotiable Instrument Act.

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