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TeachMeFinance.com - explain Sight historic definition... 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. 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.