Which of the following statements is/are correct about bills of exchange? i. It represents a promise to pay a fixed amount of money at a specific point of time in future. ii. It can also be encashed earlier through discounting process of a commercial bank. iii. It acknowledges an amount of money owed in consideration of goods received.

• A.  (ii) only                      
• B.  (i) and (iii)
• C.  (i) and (ii)                  
• D.  (i), (ii) and (iii)
• E.  None of these