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A bill of exchange (also called a bill) is a written order, addressed by one person to another, to pay on demand or at a specified date a stated sum to a specified person or to his order, or to bearer. English and American law give the followingdefinition of a bill of exchange. A bill of exchange 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 determinablc future time, a sum certain in money to or to the order of a specified person, or to bearer."Bills arc either inland or foreign. An inland bill is one which is drawn by a person in one country upon another person resident in the same country as a bill drawnin London upon a person in Sheffield. A foreign bill is one which is drawn by a person resident in one country upon another person resident is some other country, as a bill drawn in New York upon a firm in London.