TeachMeFinance.com - explain Demand
Demand -- The total quantity of goods and services consumers are willing and able to buy at all possible prices during some time period.
Demand -- As applied to a bill of exchange (draft) or promissory
note this term means that the bill or note is payable
on demand (on presentation to the one who is to pay it) and
that no grace is allowed on it (unless, as in some states and
countries, grace is allowed by law).
It is a common practise to speak of a demand bill of exchange
(draft) issued by a bank or banker as a check, for it,
like a check, is payable on presentation; a time bill is a draft,,
but as it is not payable on presentation it has not one of the
principal requisites of a check. A sight bill is the same as a
demand bill except in states and countries where grace is
allowed by law on a sight bill.
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