Letter of Exchange Letter of exchange is a species of credit heading where one has a draft of the sacador to the drawee so that it pays one third (borrowed/sacador). They are involved people in this transaction: Sacador: he is who of a draft (co-obligor); Drawee: who must carry through the payment; Borrower/Sacador: he is the beneficiary, who will receive the payment. The credit headings are formal, being thus the exchange letter must contain: – the denomination ' ' letter of cmbio' ' ; – amount to be paid; – name of the borrower; – payment square; – time of the expiration; – signature of the sacador. The acceptance is made by the drawee, that is, who received the order to pay third, could be integral (paying the requested amount) or partial (paying a part of the requested amount). This heading could be protested by the payment lack.