A bill of exchange is a three-party, non-interest, written order that is created by the first party, the drawer, and it presents an order for the second party, or the payor, to make a sum payment to a third-party, the payee. If it is a sight bill, the payment is to be made immediately, and if it is a term bill, the payment is set for a future date. The payor accepts the draft by signing it, converting the draft into a post-dated check and a binding contract.Know More
Bills of exchange are similar to checks and promissory notes, but bills of exchange are transferable. The orders can be drawn up by individuals or banks, and they can bind one party to pay a third party that was not involved in its creation. If a bill of exchange is issued by a bank, they are referred to as bank drafts. Similarly, if a bill is issued by an individual, they are referred to as trade drafts.
At the Geneva Convention in 1930, a uniform law of standards for bills of exchange and promissory notes was set. Bills of exchange must contain all information that is pertinent to the parties involved as well as the payments to be made.Learn more about Economics
Yield management refers to the process of examining and analyzing the actions of consumers in order to set variable prices for a perishable product or service at the maximum amount of profit. Some of the factors considered include buying patterns, timing and price.Full Answer >
The United States has debt because it has to borrow money in order to pay for services, such as education and military programs. The amount that is collected through taxes is not enough to cover the different services the government is responsible for providing.Full Answer >
The most compelling reason people work is usually to earn money. However, people also work to engage in a personal passion, to achieve personal fulfillment, to challenge themselves, to grow and to have a place to belong.Full Answer >
Economics is a social science because it examines the social behavior of human beings with regards to allocation of scarce resources in order to meet the needs of each individual in the society. Economics does not only involve production and distribution of goods and services, but also the human factor.Full Answer >