What is a bill of exchange?
A demand for money by the person who wants payment寻求payment的人发出的一个bill
Drawn by the party seeking payment被寻求payment的一方发出: The ‘drawer’ (ie, the seller or the seller’s bank)
Addressed to and “accepted” by the party who agrees to pay发往并被买家接受: the ‘drawee’ or ‘acceptor’ (i.e., the buyer)
A negotiable instrument – can be bought, sold and transferred (endorsement认可)
Once the party to whom the bill is addressed ‘accepts’ the bill, they are obliged to pay the amount under the bill at the time specified in the bill一旦bill中所指发往人接受了，他就必须在bill所描述的特定时间内支付
Types of Bill of Exchange:
1. “sight” meaning payable on demand upon presentation;
2. “time” bills either set a time for payment, a fixed and determinable time after the occurrence of an event事件发生之后 (e.g., 60 days after delivery of the goods)
Liability to pay支付责任---All parties are liable on a BoE: The drawer, the acceptor and, where applicable, an indorser在适当条件下，indorser也可能需要负责. And the acceptor has the primary liability to pay on accepting the bill. (Acceptance is an undertaking to pay)
Dishonoured bills拒付的账单– drawers and indorsers have contingent可能 liability
If the drawee refuses to accept: the holder of the BoE immediately has a right to pursue the drawer and subsequent indorsers
If the acceptor refuses to pay: The drawer and indorsers are liable to pay the holder of the BoE
The holder of a dishonoured BoE is entitled to damages: Amount of the Bill + interest + expenses
A drawer or indorser who has had to pay the holder of a