Explain the various forms of a qualified acceptance of a bill of exchange

Explain the various forms of a qualified acceptance of a bill of exchange

ANSWER

A qualified acceptance of a bill of exchange varies or modifies the terms of a bill.

Such an acceptance may take the form of

• Conditional: payment by the acceptor is dependent on the fulfillment of acondition.
• Partial: this is an acceptance to pay part of the amount for which the bill isdrawn.
• Local: this is an acceptance to pay only at a particular specified place.
• Qualified as to time
• Acceptance by one or more drawees but not by all.