A CRITICAL ANALYSIS OF THE BILL OF EXCHANGE FEATURES AS A COMMERCIAL PAPER IN ACCORDANCE WITH THE JORDANIAN COMMERCIAL LAW PROVISIONS

Abstract

Jordan is a member state of the World Trade Organization and has signed free trade agreements with the major industrial countries and developed economies. The bill of exchange is critical in trade activities, especially in a globalized world. This research aims to critically analyze the Commercial Laws of Jordan with a particular reference to the bill of exchange. The study has adopted a descriptive-analytical approach while providing the related legal provisions to measure their effectiveness and applicability for increasing ease and safety in transnational trade and domestic trade. The findings of the study show that although the Jordanian legal provisions have enacted the legal codes to adopt recent digital modes of the bill of exchange; however, there is a dearth of laws related to preventing misuse, forgery, and cyber threats or any electronic fraud related to the electronic bill of exchange. This can have serious consequences for the entire digital system of electronic transactions and trade activities in Jordan. Legislative amendments relating to the safety measures in bills of exchange are still needed, especially considering the potential increase in its future usage in Jordan. Keywords : Trade, Bill of Exchange, Jordan DOI： https://doi.org/10.35741/issn.0258-2724.58.2.12