Explain the various forms of a qualified acceptance of a bill of exchange

ANSWER

A qualified acceptance of a bill of exchange varies or modifies the terms of a bill.

Such an acceptance may take the form of

Conditional: payment the acceptor is dependent on the fulfillment of acondition.
Partial: this is an acceptance to pay part of the amount for which the bill isdrawn.
Local: this is an acceptance to pay only at a particular specified place.
Qualified as to time
Acceptance one or more drawees but not all.