Commercial paper is a term used broadly to describe business documents that are either orders or promises to pay money. There are two main kinds of commercial paper, the draft and the promissory note. A draft is a written order to a business or individual to pay a specified amount of money to another business or individual. The most common type of draft is a check. A promissory note is a written promise to pay a specified sum of money to a certain person on a future date.

