bill of exchange

Definition

An unconditional order issued by a person or business which directs the recipient to pay a fixed sum of money to a third party at a future date. The future date may be either fixed or negotiable. A bill of exchange must be in writing and signed and dated. also calleddraft.

Use bill of exchange in a sentence

The bill of exchange could not be disputed and I realized that it was a direct order and had to be paid eventually.

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The purchase of the fleet of vehicles was written with a bill of exchange which stated that the transfer of the vehicles would occur once the final payment was completed.

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Based on the transaction, Bill ended up with a Bill of Exchange that would need to be paid in full in the next two years. They structured it this way to meet the needs of all parties.

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