A written contract that contains an unconditional promise or order to pay a specified sum on demand or on a specific date to a specific individual or bearer is legally known as a bill of exchange.

Question

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A written contract described is known as a promissory note. A bill of exchange involves three parties (the drawer, the drawee, and the payee) and is an order to pay, not an unconditional promise.

A Written Contract That Contains an Unconditional Promise or Order