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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. historic definition... 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. Copyright © 2005 by Mark McCracken, All Rights Reserved. TeachMeFinance.com is an informational website, and should not be used as a substitute for professional financial or legal advice. TeachMeFinance.com and its owner recommend consultation with a professional financial advisor prior to any investment or financial decision. Please read our disclaimer.