bill of exchange
: an unconditional written order from one person to another to pay a specified sum of money to a designated person
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bill of exchange (Concise Encyclopedia)
Short-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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