Bill of exchange

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Often referred to as a 'draft' or 'bill', a document demanding payment. The legal definition of a Bill of Exchange is an unconditional order in writing addressed by one person (the drawer) to another (the drawee), signed by the person giving it (the drawer) requiring the person to whom it is addressed (the drawee, who when he signs becomes the acceptor) to pay on demand or at a fixed or determinable future time a sum certain in money to, or to the order of, a specified person or to the bearer (the payee). Often referred to as a 'draft' or 'bill', a document demanding payment. The legal definition of a Bill of Exchange is an unconditional order in writing addressed by one person (the drawer) to another (the drawee), signed by the person giving it (the drawer) requiring the person to whom it is addressed (the drawee, who when he signs becomes the acceptor) to pay on demand or at a fixed or determinable future time a sum certain in money to, or to the order of, a specified person or to the bearer (the payee).
-See the entry [[Exchange rates]].+See the entry [[Exchange Rates#Cambium per litteras: exchange via bills of exchange]].

Revision as of 15:42, 4 March 2006

Bill of Exchange

Often referred to as a 'draft' or 'bill', a document demanding payment. The legal definition of a Bill of Exchange is an unconditional order in writing addressed by one person (the drawer) to another (the drawee), signed by the person giving it (the drawer) requiring the person to whom it is addressed (the drawee, who when he signs becomes the acceptor) to pay on demand or at a fixed or determinable future time a sum certain in money to, or to the order of, a specified person or to the bearer (the payee).

See the entry Exchange Rates#Cambium per litteras: exchange via bills of exchange.