What are the main features of a bill of exchange?

A bill of exchange has the following features:

  • A bill of exchange is an instrument in writing.
  • It must be signed by the maker or drawer. Unsigned document will not be legally valid.
  • It contains an unconditional order. There is no condition attached to it.
  • The order must be to pay money and money only.
  • The sum payable must be specific.
  • The money must be payable to a definite person or to his order or to the bearer.