According to the Negotiable Instruments Act, 1881, a bill of exchange is defined as an instrument in writing containing an unconditional order, signed by the maker, directing a certain person to pay a certain sum of money only to, or to the order of a certain person or to the bearer of the instrument. A bill of exchange has many features such as, it is in writing, the order to make payment is unconditional, must be payable to bearer, has grace period, etc. A bill of exchange does not require crossing.