【正确答案】The exact meaning of an international bill of exchange can be derived from the provisions of the United Nations Convention on International Bills of Exchange and International Promissory Notes. Thus Article 2 of the Convention provides that a bill of exchange is international if it specifies at least two of the following places and indicates that they are situated in different States: (a) the place where the bill is drawn; (b) the place indicated next to the signature of the drawer; (c) the place indicated next to the name of the drawee; (d) the place indicated next to the name of the payee; (e) the place of payment. However to comply the place where the bill is drawn, or the place of payment must be situated in a contracting State. Article 3 goes on to define a bill of exchange as a written instrument which: (a) contains an unconditional order whereby the drawer directs the drawee to pay a definite sum of money to the payee or to his order; (b) is payable on demand or at a definite time; (c) is dated; (d) is signed by the drawer. It is important to note that Article 7 of the Convention provides that the sum payable is deemed to be a definite sum although the instrument states that it is to be paid: (a) with interest, which may be paid at a fixed or variable rate (Article 8); (b) by instalments at successive dates; (c) by instalments at successive dates with a stipulation in the instrument that upon default in payment of any instalment the unpaid balance becomes due; (d) according to a rate of exchange indicated in the instrument or to be determined as directed by the instrument; or (e) in a currency other than the currency in which the sum is expressed in the instrument. Finally it should be noted that the Convention does not apply to international cheques (Article 1).

【正确答案】(i) The drawer is the person who has actually instructed the payment to be made. Under Article 38 of the Convention the drawer engages that upon dishonour of the bill by non-acceptance or by non-paymment they will pay the bill to the holder, or to any endorser or any endorser’s guarantor who takes up and pays the bill. However the Article also permits the drawer to exclude or limit their liability for acceptance or for payment by an express stipulation in the bill. Such a stipulation is effective only with respect to the drawer and is effective only if another party is, or becomes, liable on the bill. (ii) The drawee is the person on whom a bill is drawn, i.e. the person instructed to make the actual payment. In most cases the drawee will be a bank. However, the drawee is not liable on a bill until they accept it, but on acceptance engages that they will pay the bill in accordance with the terms of his acceptance to the holder, or to any party who takes up and pays the bill (Article 40). Article 41 provides that an acceptance must be written on the front or on the back of the bill and requires the signature of the drawee accompanied by the word ‘accepted’ or by words of similar meaning. Alternatively the signature of the drawee is sufficient. (iii) The payee means a person in whose favour the drawer directs payment to be made or to whom the maker promises to pay. If an instrument is payable to two or more payees in the alternative, it is payable to any one of them and any one of them in possession of the instrument may exercise the rights of a holder. In any other case the instrument is payable to all of them and the rights of a holder may be exercised only by all of them (Article 10).