A written promise to pay to a person or persons named a stated sum at a stated time, without any condition. When under seal, as is usually the case, it is sometimes called a ” bill obligatory ,” (q. v.) It differs from a “bill penal,” (q. v.,) in that it expresses no penalty. 8. In commercial law . A written statement of the terms of a contract, or specification of the items of a transaction or of a demand; also a general name for any item of Indebtedness , whether receivable or payable.
Black’s Law Online Dictionary
