Chapter

Bills of exchange

MA Clarke, RJA Hooley, RJC Munday, LS Sealy, AM Tettenborn and PG Turner

in Commercial Law

Fifth edition

Published on behalf of Oxford University Press

Published in print April 2017 | ISBN: 9780199692088
Published online September 2017 | e-ISBN: 9780191784835 | DOI: https://dx.doi.org/10.1093/he/9780199692088.003.0019
Bills of exchange

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This chapter focuses on the use of bills of exchange as a mode of payment in commercial transactions, especially in the area of international trade. It first provides an overview of how bills of exchange are used as method of payment before discussing the relevant provisions of the Bills of Exchange Act 1882. It then considers the definition of a bill of exchange, how a bill of exchange is transferred, and persons entitled to the benefit of the obligation on the bill. It also examines the general principles governing liability on the bill of exchange as well as the enforcement and discharge of the bill. Finally, it looks at mistaken payment, focusing on cases where the payment was received in good faith and in ignorance of the mistake.

Keywords: bill of exchange; payment; commercial transactions; international trade; Bills of Exchange Act 1882; liability; enforcement; discharge; mistaken payment

Chapter.  44308 words.  Illustrated.

Subjects: Commercial Law

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