written guarantee to pay to people or individuals called a stated amount at a stated time, with no problem. When under seal, as is often the case, it really is sometimes called a "bill obligatory," (q. v.) It differs from a "bill penal," (q. v.,) for the reason that it conveys no penalty. 8. In commercial law. A written statement associated with the regards to a contract, or requirements regarding the items of a transaction or of a demand; also an over-all title for almost any product of Indebtedness, whether receivable or payable.