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TeachMeFinance.com - explain Days of grace historic definition... Days of grace -- The days, usually three, a-llowed in some states for payment of a note or bill of exchange after it becomes due as expressed in the obligation itself. For additional information see Grace. About the author Mark McCracken Author: Mark McCracken is a corporate trainer and author living in Higashi Osaka, Japan. He is the author of thousands of online articles as well as the Business English textbook, "25 Business Skills in English". Copyright © 2007 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.