Sight. As applied to a bill of exchange (draft) this term means that the bill is to be paid by the
drawee (the one upon whom it is drawn) on presentation to him, if grace is not allowed by law in
the state or country where the drawee resides; if grace is allowed by law then the bill is payable on
the last day of grace after sight—after presentation to and acceptance by the drawee. There also
is usance on bills drawn in some countries; see Usance.  Check exchange means sight exchange;
a check or cheque (English way of spelling check) is payable on demand, or in other words, on
presentation.