All of the following are essentials of a valid acceptance of an instrument, except ____________.

Q. A bill of exchange is drawn by the drawer upon his drawee.

Q. Principle: Acceptance should be made while the offer is still subsisting. The offer or is free to retract his offer at anytime before his offer gets accepted by the offeree. Once the offer is withdrawn or a lapsed, it is not open to be accepted so as to give rise to a contract. Similarly, if a time is prescribed within which the offer is to be accepted, then the offer must be accepted within the prescribed time. And if no time is prescribed, then the acceptance must be made within a reasonable time. 'What is a reasonable time', is a question of fact which is to be determined by taking into account all the relevant facts and surrounding circumstances.
Facts: 'X' makes an offer to 'Y' to sell his equipment for $Rs.1000.00$. No time is specified for the acceptance. 'Y' sends his reply two years after receiving the offer.
Which of the following derivations is correct?

Q. Consider the following argument:
In order to be a teacher, one must graduate from college.
All poets are poor.
Some mathematicians are poets.
No college graduate Is poor.
Which one of the following is not a valid conclusion regarding the above argument?

Q. The Vice President of the local bank spoke for a half an hour and told his colleague that he, his colleague, must consider finding a new job, or accept a reduction in salary.