Definition of bill of exchange

(1) A bill of exchange is an unconditional order in writing, addressed by one person to another, signed by the person giving it, requiring the person to whom it is addressed to pay on demand or at a fixed or determinable future time a sum certain in money to, or to the order of, a specified person or to bearer. (2) An instrument which does not comply with these conditions, or which orders any act to be done in addition to the payment of money, is not a bill of exchange. (3) An order to pay out of a particular fund is not unconditional within the meaning of this section, but an unqualified order to pay, coupled with, (a) an indication of a particular fund out of which the drawee is to reimburse himself or a particular account to be debited with the amount; or 10 (b) a statement of the transaction which gives rise to the bill, is unconditional. (4) A bill is not invalid by reason that, (a) it is not dated; (b) it does not specify the value given, or that any value has been given therefor; (c) it does not specify the place where it is drawn or the place where it is payable.