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Practice Questions
Test your understanding with targeted questions related to the topic.
Question 1
Easy
What does it mean to accept a bill of exchange?
💡 Hint: Think about what the drawee is agreeing to.
Question 2
Easy
What is the role of the acceptor?
💡 Hint: Remember the transformation from drawee.
Practice 4 more questions and get performance evaluation
Interactive Quizzes
Engage in quick quizzes to reinforce what you've learned and check your comprehension.
Question 1
What happens when a drawee accepts a bill of exchange?
- They negotiate a lower amount.
- They become the acceptor.
- They refuse to pay.
💡 Hint: Think about the change in responsibility.
Question 2
True or False: Acceptance of a bill of exchange does not legally bind the drawee.
- True
- False
💡 Hint: Recall the consequences of acceptance.
Solve and get performance evaluation
Challenge Problems
Push your limits with challenges.
Question 1
A company issues a bill of exchange for $50,000 to be paid in 90 days. The drawee accepts the bill. Explain the obligations of the acceptor upon acceptance.
💡 Hint: Consider the steps leading from acceptance to payment.
Question 2
You have a situation where a bill of exchange was accepted, but the drawee went bankrupt before the due date. What options does the payee have?
💡 Hint: Think about the implications of dishonor and bankruptcy.
Challenge and get performance evaluation