What is a Bill of Exchange?, Receipt for goods, A written order requiring one party to pay a specified sum of money to another party, A payment arrangement, A payment instrument, Who is the person who makes or draws a Bill of Exchange?, Drawee, Payee, Drawer, Endorsee, Who is the person ordered to make payment under a Bill of Exchange?, Drawer, Drawee, Payee, Holder, Who is the person to whom payment is to be made?, Payee, Drawee, Drawer, Acceptor, What is the main purpose of a Bill of Exchange in international trade?, To provide evidence that goods have been shipped under a contract of carriage, To create a formal written order for the payment of a specified amount of money, To establish the terms and conditions of an international sales contract, To provide evidence of the quantity and condition of goods delivered to the carrier, A Bill of Exchange may require payment:, At sight, Only after 90 days, On demand or at a specified future date, Only after the goods arrive, What does the term "on demand" mean in relation to payment?, Payment is due after 30 days, Payment is due after delivery of the goods, Payment is made whenever the drawee wants, Payment is due immediately when the bill is presented, A Bill of Exchange payable at a future date is known as:, A time bill, deffered bill, A time draft, B/L, What is acceptance of a Bill of Exchange?, Receipt of a bill by the Remitting bank, The drawee's agreement to pay the bill according to its terms, Transfer of the bill to another person, D. Payment of the bill in cash, After accepting a Bill of Exchange, the drawee becomes:, A beneficiary, The payee, The acceptor, The endorser, What is an endorsement?, A bank guarantee, A request for payment, an acceptance of a Bill by the bank., A signature or other authorized act transferring rights under a negotiable instrument, If a Bill of Exchange is endorsed, it may be:, Transferred to another person, Used only by the drawer, Automatically cancelled, Converted into a contract of carriage, The person who receives a Bill of Exchange through endorsement is called:, Drawee, Endorsee, Drawer, Acceptor, What is the "holder" of a Bill of Exchange?, The person who physically transports the document, The person in possession of the bill who is entitled to payment under it, The person who originally drew the bill only, The bank that issued the bill, Which of the following is normally required for a Bill of Exchange to be valid?, It must be accompanied by a commercial invoice and proof of shipment., It must state the date on which the underlying sales contract was concluded., It must specify the goods or services for which payment is required., It must contain an unconditional order to pay a specified or determinable sum of money., The amount payable under a Bill of Exchange should generally be:, Uncertain, Determined or determinable, Based only on the market price, Decided by the drawee after acceptance, What does "unconditional order to pay" mean?, Payment depends on the weather, Payment depends on another contract being performed, The order to pay is not subject to an additional condition, Payment can be made only in goods, Which party normally presents a Bill of Exchange to the drawee for acceptance?, The holder, The customs authority, The shipowner, The carrier, What happens when the drawee refuses to accept a Bill of Exchange payable at a future date?, The bill is automatically paid, B. The drawee has not undertaken the obligation of an acceptor, C. The drawer becomes the drawee, D. The bill becomes a Bill of Lading, A Bill of Exchange has been accepted by the drawee. On the maturity date, the drawee does not make the required payment. Which of the following best describes the situation?, The bill has been discharged by acceptance., The bill has been transferred by endorsement., The bill has been refused for acceptance., The bill has been dishonoured by non-payment., Company A gives a Bill of Exchange to its bank for collection. The drawee refuses to pay the bill at maturity. Which statement is most accurate?, The bank must automatically pay the bill from its own funds., The bill is automatically transferred back to the drawer without further action., The bank may notify its customer that the bill has been dishonoured and take the steps required under the collection arrangement., The bank becomes the new drawer of the bill., A bank receives a Bill of Exchange for collection. Which statement is correct?, The bank may act on behalf of its customer to present the bill and receive payment., The bank guarantees payment by the drawee simply because it handles the bill., The bank automatically becomes the acceptor., The bank becomes the debtor under the bill., A bank accepts a Bill of Exchange drawn on the bank itself. What is the effect of the bank's acceptance?, The bank becomes the drawer., The bank undertakes the obligation of the acceptor to pay the bill according to its terms., The bank becomes the payee and cancels the original obligation., The bank merely confirms that the goods have been shipped., An exporter asks its bank to collect a Bill of Exchange from an overseas buyer. The bank sends the bill to a correspondent bank in the buyer's country. What is the correspondent bank most likely doing?, Replacing the original drawee, Becoming the drawer of a new Bill of Exchange, Assisting with presentation and collection of the bill in the relevant country, Guaranteeing the buyer's payment in every case, Company A sells goods to Company B on credit. Company A draws a Bill of Exchange ordering Company B to pay €50,000 in 60 days. Company A is the:, Drawee, Drawer, Payee only, Acceptor, A Bill of Exchange states: "Pay €20,000 to XYZ Ltd or order 60 days after sight." This means that payment is due:, Immediately when the bill is issued, 60 days after the bill is presented and seen/accepted as required, 60 days after the goods are shipped, Only when XYZ Ltd requests it after one year, A Bill of Exchange is different from an ordinary invoice because a Bill of Exchange:, Is a formal payment instrument containing an order to pay, Always describes the goods in detail, Is issued only by customs authorities, Is a document of title to goods, A bank discounts a Bill of Exchange before its maturity date. What does this generally mean?, The bank cancels the debt, The bank changes the amount payable, The bank converts the bill into a Bill of Lading, The bank pays the holder before maturity, usually deducting a discount, A Bill of Exchange requires the drawee to make payment immediately when the bill is presented. What type of Bill of Exchange is it?, Documentary draft, Trade acceptance, Sight draft, Time draft, A Bill of Exchange requires payment 60 days after acceptance by the drawee. What type of Bill of Exchange is it?, Sight draft, Documentary draft, Open-account arrangemnet, Time draft

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