Bills of Exchange

Consideration of a Bill of Exchange. Article (442): The Obliged person to Provide Considerations. The draftsman or the person in whose valuate the tirade is drawn payee is obliged to make the esteem obtainable with the drawee. The holder and endorsers have the right to recourse to the drawer or the person in whose favor the bill is drawn, in causal agent where the circumstance is non operable to the drawee. In the position virtue such a provision does not survive. This term is illogical, where the payee is the person who will receive the consideration, so how can he be obliged to make consideration functional to the drawee? similarly the drawer taking the obligation to make consideration ready(prenominal) to the drawee, will effect the circulation of the bill. Article (443): Conditions of consideration. In clubhouse for the consideration to exist, it should be as followed: 1.The drawee shall be in debt to the drawer. 2.The indebtedness carn al knowledge shall exist on maturity date. 3.Consideration shall be for specific put up of money. 4.Consideration shall be at least equivalent to the bar of the bill; however it can not be little than the measuring stick of the bill. The same applies to the English law. Article (444): The Onus of render in one case the bill is accepted, this makes a supposal that the consideration is acquirable to the acceptor drawee on maturity date. Such a arrogance is definitive, finished the coincidence between the drawee and the bearer or holder. The acceptance by the drawee does not make a conclusive presumption that the consideration is available to the drawee through the relation between the drawee and the drawer. Such a presumption is prima facie. Where the drawee may repudiate that the consideration is not available to him and then the drawer has to levy the contrary. The acceptance in care manner by the drawee does not make a conclusive presumption through the relation between the drawer and the bearer. ! Therefore, the drawer has to prove that the...If you want to get a full essay, order it on our website: OrderCustomPaper.com

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