Bills of exchange are similar to checks in that they can be drawn on banks and transferred through an endorsement of the bill of exchange. When issued by a bank, it is called a bank draft.

A bill of exchange must be in writing, and list the parties involved: the drafter, the draftee, and any bank guarantors. They should also state when payment is due (which can be on demand) and any ...

A bill of exchange must be in writing, and list the parties involved: the drafter, the draftee, and any bank guarantors. They should also state when payment is due (which can be on demand) and any ...