An instrument that does not comply with the statutory requirements for a bill of exchange may still be enforceable as a contract.

Question

Quizplus · Accepted Answer

Even if an instrument does not meet all the requirements for a bill of exchange under the law, it can still be considered a valid contract between the parties involved. This means that it may still be enforceable through a court of law, even if it does not have all the formal characteristics of a typical bill of exchange.

An Instrument That Does Not Comply with the Statutory Requirements