What do you mean by a bill of exchange’. Distinguish between Bill of Exchange and Promissory Note.
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a bill of exchange is a negotiable instrument in writing containing an unconditional order to pay a certain sum of money to a person or to the order of a certain person( as per negotiable instrument Act ).
in simple it is an instrument which direct a debtorr to pay the sum payable on the maturity period of the instrument. it may payable to the creditor or some other person as directed by the creditor.
DISTINCTION B/W BOE &PN
*BOE is an order to pay .
PN is a promise to pay
*BOE need acceptance it not needed in pn
*
in simple it is an instrument which direct a debtorr to pay the sum payable on the maturity period of the instrument. it may payable to the creditor or some other person as directed by the creditor.
DISTINCTION B/W BOE &PN
*BOE is an order to pay .
PN is a promise to pay
*BOE need acceptance it not needed in pn
*
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