Exercise 1
一、Make choice of whether the following bills are acceptable or not. Mark X before acceptable or unacceptable you chose.
(1) A bill shows: pay to ABC Co. providing the goods in compliance with contract the sum of one thousand US Dollars. It is acceptable
/ unacceptable.
(2) A bill shows: pay to ABC Co. the sum of ten thousand US dollars
on condition that shipment of goods has been made. It is acceptable / unacceptable.
(3) A bill shows: On demand pay to the order of ABC Co. the sum of twenty thousand US dollars drawn against shipment of 10bales cotton piece goods from Tianjin to London. It is acceptable / unacceptable.
(4) A bill shows: pay to ABC Co. out of proceeds of sale of woollen
blankets the sum of one thousand US dollars. It is acceptable / unacceptable.
(5) A bill shows: pay from our No. 2 account to ABC Co. the sum of one thousand US dollars. It is acceptable / unacceptable.
(6) A bill shows: pay to ABCC o. or order the sum of one thousand pounds and debit our No. 2 account. It is acceptable / unacceptable.
(7) A bill shows :after customs clearance pay to the order of ABC Co. the sum of twenty thousand US dollars. It is acceptable / unacceptable.
(8) A bill shows: pay to Mary the sum of fifty pounds and give her a suit of clothes. It is acceptable / unacceptable.
(9) A bill shows: pay to the order of ABC Co. the sum of one thousand pounds plus interest. It is acceptable / unacceptable.
二、(1) A bill is payable at XX days after sight, what date is the day from which time of payment begins to run?
The date of acceptance
(2) A bill is payable at XX days after date, what date is the day from which time
of payment begins to run?
The date of issuing
(3) The maturity of one month after 31 Jan. is 28 Feb
(4) The maturity of 180 days after 4 April is 1 Oct
(5) The maturity of 180 days from 6 Nov.1999 is 3 May. 2000
of exchange. The bill 三、Fill in the following blank forms to draw a bill
includes the requisite items as follows:
(1) date: 22 May,200X amount: GBP21,787.00
tenor: at 90 days after sight
drawer: China National Animal By products Imp.& Exp. Corp, Beijing Branch,
Beijing
drawee: Bank of Atlantic, London
payee: the Order of China National Animal By product Imp.& Exp. Corp,
Beijing Branch
(2) date: 23 July,2000
amount: USD 35,461.50
tenor: on 31 Oct, 2000 fixed
darwer: George Anderson Inc, New York
drawee: Irving Trust Company, New York payee: Brown and Thomas Inc. or
order drawn against shipment of cotton form Australia to St. Louis.
