Bill Of Exchange

Business, Legal & Accounting Glossary

Definition: Bill Of Exchange



What is the dictionary definition of Bill Of Exchange?

Dictionary Definition


n. a writing by a party (maker or drawer) ordering another (payor) to pay a certain amount to a third party (payee). It is the same as a draft. A bill of exchange drawn on a bank account is a “check.


Full Definition of Bill Of Exchange


bill of exchange is a document acknowledging an amount of money owed in consideration for goods received. It is a kind of a written financial document that states the company or the individuals mentioned in the document to pay a certain amount on a particular date. It contains the debtor’s authorized signature. This makes it authentic and legal. The parties that sign the bill of exchange have to go by its norms.

A bill of exchange comes in various forms. A bank check is a sort of bill of exchange and so is a bank draft. In some countries, businesses or transactions are usually carried out by a bill of exchange.


Cite Term


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https://payrollheaven.com/define/bill-of-exchange/
Modern Language Association (MLA):
Bill Of Exchange. PayrollHeaven.com. Payroll & Accounting Heaven Ltd. December 03, 2020 https://payrollheaven.com/define/bill-of-exchange/.
Chicago Manual of Style (CMS):
Bill Of Exchange. PayrollHeaven.com. Payroll & Accounting Heaven Ltd. https://payrollheaven.com/define/bill-of-exchange/ (accessed: December 03, 2020).
American Psychological Association (APA):
Bill Of Exchange. PayrollHeaven.com. Retrieved December 03, 2020, from PayrollHeaven.com website: https://payrollheaven.com/define/bill-of-exchange/

Definition Sources


Definitions for Bill Of Exchange are sourced/syndicated and enhanced from:

  • A Dictionary of Economics (Oxford Quick Reference)
  • Oxford Dictionary Of Accounting
  • Oxford Dictionary Of Business & Management

This glossary post was last updated: 26th April, 2020 | 5 Views.