A bill of exchange (draft) is 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 stun certain in money, to or to the order of a specified person, or to the bearer.
A bill of exchange is either a sight bill or a usance, tenor or term bill.
When a bill is payable on demand or at sight, the drawee is required to pay immediately when the bill is presented to him. A bill is payable on demand if it is so specified or if time for payment is not expressed.
A bill may be payable within a fixed period after the date of the bill. For example, "pay three months after date..."
A bill may be payable within a fixed period after an event which is certain to happen, e.g., "one month after the death of B".
A bill may be expressed as being payable within a fixed period after sight.
The bill must be, in writing. Therefore, the ordinary rules governing written contracts apply. Oral evidence cannot be admitted to contradict unfulfilled nature or terms of a bill of lading.
A bill must be "addressed by one person to another" se that there must be one person as drawer, and another as drawee. It is possible to have one or joint drawees, but not drawees in the alternative, i.e. A and B but not A or B. A bill is payable ______.