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bill of exchange |
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bill of exchange: see draft draft, in banking, order by one party to another party to pay a stated sum to the person or firm in whose favor the draft is made. It is similar in form to the ordinary bank check . Often the drawer and the drawee of a draft are the same person. ..... Click the link for more information. . bill of exchangeShort-term negotiable financial instrument consisting of a written order addressed by the seller of goods to the buyer requiring the latter to pay a certain sum of money on demand or at a future time. Bills of exchange are often used in international transactions, and the holder of such a bill may redeem it in cash immediately by selling it to a bank at a discount. Bills of exchange used in domestic transactions are sometimes called drafts. See also promissory note. |
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