With respect to a bill of exchange, which of the following statements are correct?
(i) A bill of exchange can be passed on to another person by endorsement.
(ii) Endorsement on a bill of exchange is made exactly as it is done in the case of a cheque.
(iii) The primary liability on a bill of exchange is that of the acceptor.
(iv) If the acceptor does not pay, a holder cannot recover the amount from any of the previous endorsers or the drawee.
1
(i), (ii), (iii) and (iv)
2
(i) and (ii)
3
(i), (ii) and (iii)
4
(ii) and (iii)