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- It is an unconditional order which takes the form of ‘pay” and not “pay if”.
- It must be in writing.
- It must be addressed by one person to another.
- It must be signed by the person giving it i.e. the bill must be signed by the seller who is known as the drawer of the bill.
- It must require the buyer who receives the bill to pay a sum of money on demand, or at a fixed or determined future date.
- The bill may be made payable to or to the order of a specified person or to bearer. The specified may be the drawer of the bill, or a third person to whom he requires payment to be made;