Following are the essential features of a bill of exchange.
1. It must be in writing.
2. It must be an order to pay, and not a request to pay.
3. No condition should be attached to the order.
4. The drawer must sign the bill
5. The order must be for the payment of money only.
6. It should be properly stamped.
7. The amount mentioned in the bill may be made payable either on demand or after the expiry of a ‘stipulated period.
