A Foreign Bill and its Content Particulars

This article deals with the basic principles of a draft. Drafts are called three-party instruments. The person signing a draft, the drawer, issues or draws an instrument which unconditionally orders someone, the drawee, to pay a sum to the payee. Thus, the third par­ty to a draft, the drawee, is the party to whom the payee initially looks for its payment. After a brief historícal survey of developments of a draft, the analysis of an economic and legal importance of this instrument fol­lows. Although drafts are three-party instruments, the three parties do not all have to be different (e.g. the drawer and the drawee as well as the drawee and the payee may be the same person as well). Author opens the interesting question, whether the drawer, drawee and the payee may be the same person or business, and gives reasons for his negative opinion on this is­sue. The second part of the article presents substantial requirements for a draft. Special attention is paid to the maturity of a draft, which in practice is the most often reason of disputes.