Do you agree or disagree with the following statement
1) A bill of exchange is a conditional order.
2) The party which is ordered to pay the amount is known as the payee.
3) The person in whose favour the bill is endorsed is known as endorsee.
4) Rebate or discount given on retiring a bill is an income to the Drawee.
5) A bill from the point of view of debtor is called Bills payable.
6) In case of bill drawn payable ‘on-demand,’ no grace days are allowed.
7) A bill is required to be accepted by Drawer
8) A bill of exchange need not be dated.
9) A bill before acceptance is called Promissory Note.
10) Renewal is request by Drawee to extend the credit period of the bill.