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 三、 Fill in the following blank forms to draw a bill

includes the requisite items as follows:

of exchange. The bill

(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. EXCHANGE forGBP 21787.00 Beijing , 22.May200X At 90 days after sight pay this first bill of exchange (Second of same tenor and and date unpaid) to the order of China National Animal By product Imp.& Exp Corp, Beijing Branch the sum of SAY GBP TWENTY ONE THOUSAND SEVEN HUNDRED AND EIGHT SEV Drawn To bank of Atlantic, London For China National Animal By Products Imp & Exp. Corp Beijing Branch ,Beijing XXX (2) EXCHANGE forUSD 35,461.50 New York , 23 July 200X

At 31 Oct,2000 fixed pay this first bill of exchange (Second of same tenor and and date unpaid) to the order of Brown and Thomas Inc.or order the sum of SAYU S DOLLARST HIRTYF IVE THOUSANFDO URH UNDREADN DS IXTY ONEP OINT

FIVE ONLY Drawn against shipment of cotton from Australia St. Louis To Bank of Atlantic, For George Anderson Inc. New York New York XXX

四、 Please answer, fill the blank in or made choice of the following question.

EXCHANGE for GBP 5,000.00 London, 1 Apirl 200X At 60 days after sight pay this first bill of exchange (Second of same tenor and and date unpaid) to the order of Bank of Australia the sum of FIVE THOUSAND POUNDS ONLY To The Import Co., For The Export Co., Melbourne London

EN ONLY Signature (1) Prefer to the above bill, the holder i.e. Bank of Australia has the right transferring it to other person, or the right of presentment for acceptance and/or claim for payment to The Import Co. Melbourne. If the latter refuses to pay, the holder has the right of recourse against the Exporting Co. London

(2) The payee 's London Office wishes to transfer the bill to Bank of New Zealand, Auckland, please make a restrictive endorsement.

Pay to Bank of New Zealand, Auckland only For Bank of Australia signature

(3) Please make a blank endorsement. For Bank of Australia signature

(4) Having made an endorsement in blank, the holder send the bill to Bank of New Zealand, Auckland who wishes to convert this blank endorsement into a special endorsement to themselves. Please maket his special endorsement.