Describe the ways in which a bill or note can be paid

What will be an ideal response?

For a bill or note to function reliably in commerce, the time when it is payable has to be on demand or ascertainable from its face. The time requirement actually serves several functions. It tells the maker, drawee, accommodation maker, or acceptor when he is required to pay. It allows secondary parties, such as drawers, endorsers, and accommodation endorsers, to determine the date when their obligations arise. It establishes when the statute of limitations will run. And finally, with interest bearing bills or notes, it defines the period for calculating the present value of the instrument.