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Bill of Exchange

A three-party negotiable instrument in which the first party, the drawer, presents an order for the payment of a sum certain ona second party, the drawee, for payment to a third party, the payee, on demand or at a fixed future date.

A bill of exchange is distinguishable from a promissory note, since it does not contain a promise and the drawer does notexpressly pledge to pay it. It is similar to a note, however, since it is payable either on demand or at a specific time.

The terms bill of exchange and draft are synonymous; however, the former is generally used in International Law, whereasthe latter is used in the Uniform Commercial Code.

West's Encyclopedia of American Law, edition 2. 
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