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past consideration is sufficient to create liability on a bill of exchange
what is this meanWhere you do something for me and I say “Syed, I can’t pay you straight away, will you accept a 90 day bill of exchange?” and you say “Yes”
Your work was completed before any bill of exchange was mentioned but I can’t claim it as past because ….
…. past consideration is sufficient to create a liability for me in support of a bill of exchange
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