61. What is noting of
bill of exchange?
When the bill
is dishonoured notary public records the fact and reasons of dishonoured bill
and issues noting certificate, it is called noting of bill.
62. What is draft?
A bill of
exchange before acceptance is called a draft.
63. What is the relation
between drawer and drawee?
The relation
between the drawer and drawee is that of creditor and debtor.
64. What are days of
grace?
Three
additional days allowed for payment of bill are known as days of grace.
65. What do you mean by
renewal of a bill?
Renewal of
bill means cancellation of old bill and drawing of a new bill.