A bill of exchange is different from a promissory
note on the following paragraph:
Promissory Note |
Bill of Exchange |
- promissory
note is promise to pay
|
- Bill of exchange is an order to pay
|
- In promissory
note there are only two parties the
drawer, and the payee involved.
|
- In Bill of exchange there are three parties, the drawer,
the drawee, and the payee.
|
- In promissory
note there is no necessity of acceptance of Promissory Note
|
- Bill of exchange must be accepted
|
- The maker is primarily liable for promissory
note
|
- In Bill of exchange, The drawer is not primarily liable.
|
- promissory
note is never drawn in sets
|
- Foreign Bills of exchange are specially drawn in
sets.
|
- Protesting is not necessary after
dishonour of promissory
note
|
- A foreign Bill of exchange must be protested
upon dishonor.
|
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