alleryWho is the primary party liable on a Bill of Exchange?
ADrawer of the bill
BEndorser of the bill
CAcceptor of the bill
DPayee of the bill
Answer & Solution
Correct answer: C. Acceptor of the bill
1. The acceptor accepts the bill, becoming primarily liable.
2. Drawer and endorsers have secondary liability if acceptor defaults.
3. The payee is the beneficiary, not liable as such.
_Source: ICAI BoS Foundation Paper 1, Ch 6 "Bills of Exchange", §1 ¶5_
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