Routledge Dictionary of Economics, Second Edition
bill of exchange (F1, G1)
A short-term financial instrument, usually with a life of ninety days, which is used to finance foreign trade; in the nineteenth century it was widely used for short-term domestic borrowing.
The Bills of Exchange Act (UK) 1882 defined it as ‘an unconditional order in writing, addressed by one person to another, signed by the person giving it, requiring the person to whom it is addressed to pay on demand or at a fixed or determinable future time a sum certain in money to or to the order of a specified person, or to bearer’.
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