Difference between Bill of Exchange and Promissory Notes
Difference between Bill of Exchange and Promissory Notes
|
Bill of Exchange |
Promissory Notes |
|
v It is an unconditional order directing a certain person to pay a
certain sum of money v Generally, there are three parties in the bill of exchange- the
drawer, the drawee and the payee. v A bill of exchange requires acceptance by the drawee after if is
drawn by the drawer.
v Bill of exchange may be payable either on order or to the bearer. v In case of Bills of exchange notice of dishonour is given to all
parties concerned. v The maker (Drawer) of the Bill is liable only when drawee does not
make payment. v In Case of foreign bills protest is necessary if it is required as
per law of the country where bill has been drawn. |
v It is an unconditional promise to pay a certain sum of money. v There are two parties in a promissory note- the promisor or maker
and the payee.
v This does not require acceptance. It is written by the person who
will pay the amount. v Promissory note can not be payable to bearer.
v In case of promissory note, notice of dishonour is not required. v The maker is primarily liable to pay the amount. v Protest is not required for promissory note. |
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