Definition of Order bills and Bearer bills as types of bills of exchange

Define the following types of bills of exchange:

i) Order bills.

ii) Bearer bills.

Order bills: Is payable to order which is expressed to be so payable and does not indicate an intention that it should not be transferable.

Bearer bills: Payable to bearer which is expressed to be so payable; the payee is a fictitious or non-existing person.



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