Question
In: Economics
how has a bill of exchange evolved into a check, a promissory note, and a bill...
how has a bill of exchange evolved into a check, a promissory note, and a bill of lading?
Solutions
Expert Solution
A Bill of exchange is a document which is used in international shipping, made by the seller or exporter and handed over to the buyer or importer..The buyer agrees to pay the seller a specified amount of money on a specified date after receiving the goods.Bill of exchange are similar to checks as they are drawn on banks and can be transferred through endorsement of bill of exchange.Promissory note is a documentation of payment ie it is a legal instrument in which it is mentioned in writing about a party's promise to pay another party the required amount on a specified date. .Bill of exchange is a documentation of payment like the promissory note which makes the buyer pay a required sum on a specified date.A Bill of lading proves the contract made between the shipper and the seller and describes in detail what is being shipped, all information about the buyer , and contains the receipt for the buyer.Both the Bill of lading and the Bill of exchange provide all sort of information to the buyer and the seller that is required for completing the process of selling and shipping.
Rahul Sunny answered 8 months agoRelated Solutions
. Explain the difference between a “Bill of exchange” and “Promissory note”. Why might the issuer...
. Explain the difference between a “Bill of exchange” and
“Promissory note”. Why might the issuer of promissory note require
the service of an underwriter?
On December 31, 2016, TTT Company finished consultation services and accepted in exchange a promissory note...
On December 31, 2016, TTT Company finished consultation services
and accepted in exchange a promissory note with a face value of
$800,000, a due date of December 31, 2019, and a stated rate of 5%,
with interest receivable at the end of each year.
The fair value of the services
performed by TTT Company is not readily determinable and the note
receivable is not readily marketable. Under the circumstances, the
note is considered to have an appropriate imputed rate of...
On January 1, 2019, FLOWERS Inc. rendered services in exchange for a four-year promissory note having...
On January 1, 2019, FLOWERS Inc. rendered services in exchange
for a four-year promissory note having a face value of $10,000.
Interest at a rate of 3% is payable annually on January 1 (first
payment
Jan 1, 2020). The customer has credit ratings that require it to
borrow money at 8% interest.
FLOWERS uses IFRS.
Required: Show and label all calculations.
(Round to the nearest dollar.)
What would be the value of the service revenue recorded on
January 1, 2019?...
On January 1, 2019, FLOWERS Inc. rendered services in exchange for a four-year promissory note having...
On January 1, 2019, FLOWERS Inc. rendered services in exchange
for a four-year promissory note having a face value of $10,000.
Interest at a rate of 3% is payable annually on January 1 (first
payment Jan 1, 2020). The customer has credit ratings that require
it to borrow money at 8% interest. FLOWERS uses IFRS. Required:
Show and label all calculations. (Round to the nearest dollar.)
What would be the value of the service revenue recorded on
January 1, 2019?...
In King’s speech, he claimed: “America has defaulted on this promissory note insofar as her citizens...
In King’s speech, he claimed: “America has defaulted on this
promissory note insofar as her citizens of color are concerned.”
Then proclaimed: “So we have come to cash this check…” Most people
recognize that he was not talking about money, but he was talking
about certain human rights that should be granted to all U.S.
citizens. Discuss at least two of those rights and comment on the
extent to which you believe those rights have been provided for
citizens of...
Which of the following is not true about a Promissory Note?Encumbers the real estate as...
Which of the following is not true about a Promissory Note?Encumbers the real estate as the security or collateral for a
loanCreates an obligation to repay a loan under specific termsMay be recourse or non-recourse to the borrowerA technical default can result from failure to pay property
taxes
A company is looking to raise funds by issuing a promissory note with a face value...
A company is looking to raise funds by issuing a promissory
note with a face value of $500,000 maturing in 70 days. The current
market interest rate is 8% p.a.
What is a promissary note? In your
answer explain its distinguishing features and what type of company
is likely to use this method to raise capital.
How much would the company receive from this issue?
The company has a minimum target of $490,000 to raise. Based on
your answer in...
1. Find the proceeds of a promissory note with a maturity value of $1700 due on...
1. Find the proceeds of a promissory note with a maturity value
of
$1700
due on
November
30,
2024
discounted at
3.1%
compounded
semi-annually
on
May
31,
2022.
The proceeds are
$nothing.
(Round to the nearest cent as needed. Round all intermediate
values to six decimal places as needed.)
Enter your answer in the answer box.
2. Gabe
opened an RRSP deposit account on December 1, 2008, with a
deposit of
$1300.
He added
$1300
on
December
1, 2010, and...
Discuss when a promissory note will be considered a security including a detailed discussion of the...
Discuss when a promissory note will be considered a security
including a detailed discussion of the family resemblance test.
Clint wrote a check to pay for his phone bill. The amount of the bill was...
Clint wrote a check to pay for his phone bill. The amount of the
bill was $50. He wrote out the words "Fifty dollars only" but he
also wrote "$60" in the area for numbers. As a result, the
check:
qualifies as a negotiable instrument, and the payee can collect
$60.
is disqualified as a negotiable instrument.
qualifies as a negotiable instrument, and the payee can collect
$50.
is disqualified as a negotiable instrument, unless Clint's
intent is ascertained.
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