Social Sciences and the Law

What is a bill of exchange?

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A draft in banking is an 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. A draft is sometimes known as a bill of exchange.

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Similar questions: How is a bill of exchange different from a check? Is a bill of exchange a check? Is there a difference between a bill of exchange and a bank draft? Is a bill of exchange a bank draft? [ Hide these questions ]

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