Terms of Sale. Complete the following passage by selecting the appropriate terms from the following list (some terms may be used more than once): acceptance, open, commercial, trade, the United States, his or her own, note, draft, account, promissory, bank, banker’s, the customer’s.

Most goods are sold on ________ ________. In this case the only evidence of the debt is a record in the seller’s books and a signed receipt. When the order is very large, the customer may be asked to sign a(n) ________ ________, which is just a simple IOU. An alternative is for the seller to arrange a(n) ________ ________ ordering payment by the customer. In order to obtain the goods, the customer must acknowledge this order and sign the document.
This signed acknowledgment is known as a(n) ________ ________. Sometimes the seller may also ask ________ ________ bank to sign the document. In this case it is known as a(n)
________ ________.