In order to understand the concepts associated with the Endorsement of bill of exchange and solve Endorsement of the Bill Homework Answers what one has to know what it really means. Here I am going to discuss in brief what endorsement of bill of exchange actually stands for.
What is Endorsement of the Bill?
The bill or bill of exchange is a written order that unconditionally demands some amount of money exchanged between two parties. The party that draws the bill is called the endorser and the other party that has to accept the bill is known to be the endorsee. The process of exchanging the bill is known as endorsement of the bill. In this case the endorser usually has to offer certain goods or services in exchange of the money that heâ€™s about to receive within a specific period of time. The date defining the end of that specific period of time is called the bill due date.Â Hence the act of signing and transferring the bill of exchange is called the endorsement of the bill.
Even though it is a simple topic, students often find it hard to solve Endorsement of the Bill Homework Answers. This is why they need to understand all the concepts associated with the endorsement of the bill. Here I am discussing several concepts that they need to be familiarized with.
What are the types of bills?
On the basis of period, bill of exchange can be of two types: Demand bills and Term bills.
Demand bill of Exchange: The demand bills of exchange usually do not have any specific time limit or specific date of payment and hence is payable at any time. That is in other words the endorsee may pay the amount specified in the bill at any point of time. He can pay it immediately or he can delay the payment for a long period of time, depending on his availability of money or will to pay the bill.
Term bill of exchange: Â The term bills of exchange usually become payable after a mentioned period of time. The period of time after which the bill becomes due for payment is known as tenor. That is this kind of bills usually have a specified due date. The endorsee may even pay the bill before the specified due date. But after the due date the bill becomes due for payment and the endorsee may be in trouble if he does not make the payments immediately. He is usually charged with a hefty fine and other charges before he can clear the bill.
Apart from this while solving Endorsement of the Bill Homework Answers one may come across several other kinds of bill. Those types should also be familiar to the students so that they know exactly what they are dealing with.
On the basis of objectives, that is the purpose of writing the bills, bills of exchange may be of two types again: Trade Bills and Accommodation Bills.
- Trade Bills:
Trade bills of exchange are usually drawn for the purpose of selling or purchasing of goods on credits. The seller or the creditor usually endorses this kind of bills and the acceptor in this case is the debtor who has bought products on credits. This can also be considered in case of any service offered or used on credit and not just selling and purchasing of goods.
- Accommodation Bills:
The accommodation bills of exchange serve a completely different purpose. It is not related to any kind of goods or services exchanged. It usually serves the purpose of helping one or both the parties financially. These are drawn with taking any consideration and exchanged for the sole purpose of exchange of money whatever may the reason behind it be.
Sometimes while solving Endorsement of the Bill Homework Answers student may come across terms such as inland bill or foreign bills. These terms are discussed briefly in the following section.
On the basis of the location of the endorser and the endorsee bills of exchange can be of two types: Inland Bill and Foreign Bill.
- Inland Bill:
This kind of bill of exchanged is usually exchanged between endorser and endorsee residing in the same country. The inland bills of exchange are usually payable in the country in which it is drawn that is the country in which both the endorser and the endorsee reside and no other country.
- Foreign Bill:
This kind of bill is exchanged between two countries, that is, the endorser and the endorsee may reside at two different countries, and still exchange the bill. The endorsee may accept the bill from another country and may pay in the country he is currently residing in.
These terms pretty much sums up the concepts that one must know in order to solve Endorsement of the Bill Homework Answers. For more help student can always resort to online helps that are available.
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