Why Most Bills Are Not Legally Valid Bills of Exchange Act Explained (UK & Australia)

Think that bill you received in the mail is legally enforceable? Think again.
In this video, we break down the Bills of Exchange Act 1882 (UK) and the Bills of Exchange Act 1909 (Australia) to explain why most payment demands are not actually bills under the law.

🔍 According to Section 3(1) of the UK Act and Section 8 of the Australian Act, a legally valid bill of exchange must:

Be in writing

Be signed by the person issuing it

Be an unconditional order to pay a specific sum

Name the payee clearly

💡 Yet most so-called "bills" that arrive in your mailbox aren't signed by the issuer, making them statements of account—not enforceable bills under this legislation.

🧠 What You’ll Learn:
What legally defines a bill of exchange

Why unsigned payment demands may not be legally binding

How to challenge invalid bills from companies or debt collectors

The difference between a statement of account and a bill of exchange

📚 Legal References:
Bills of Exchange Act 1882 (UK), Section 3(1)
https://www.legislation.gov.uk/ukpga/Vict/45-46/61/section/3

Bills of Exchange Act 1909 (Australia), Section 8
https://www.legislation.gov.au/Details/C2004C01146

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#BillsOfExchange #ConsumerRights #DebtCollectors #UKLaw #AustralianLaw #LegalExplained #UnsignedBills #DebtDemand #FinancialLiteracy

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