Question

Heya frnds :-)
Distribute between bill of exchange and promissory note.

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Answer 1

• Bill of exchange - Creditor is the drawer

• Promissory note - Debtor is the drawer.

• Bill of exchange - It is order to pay

• Promissory note - It is promise to pay.

• Bill of exchange - It need acceptance by drawee.

• Promissory note - It not need acceptance by drawee.

• Bill of exchange - Have three parties

• Promissory note - Have two parties

• Bill of exchange - The liability of drawer is secondary.

• Promissory note - The liability of drawer is primary

• Bill of exchange - It has broader scope

• Promissory note - It has small in scope.

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Answer 2

Explanation:

A negotiable instrument issued by the debtor with a written promise to pay the creditor a certain amount within a specific date or on demand. Three parties involved i.e a drawer, the drawee and a payee. Drawee needs to accept the bill of exchange before payment. No acceptance required from the drawee.