Which term refers to a writing that can be transferred as a substitute for money or as an instrument of credit?

The correct term that refers to a writing that can be transferred as a substitute for money or as an instrument of credit is commercial paper. Commercial paper is a short-term, unsecured promissory note used by companies to raise funds for working capital needs. It typically has a maturity of up to 270 days and is often issued at a discount to the face value, allowing investors to receive the full amount upon maturity. This makes it an effective tool for companies to manage liquidity without having to go through the process of securing a traditional loan.

In contrast, property deeds refer to documents that convey ownership of real estate, and they do not serve as a form of currency or credit. A bill of sale is used for the transfer of ownership of personal property, which is also not designed to function as money or credit. An invoice is a document that itemizes a transaction and requests payment but does not represent a transferable financial instrument. Thus, commercial paper is the appropriate term that encompasses the concept of being transferable in the monetary context.