أنشئ حسابًا أو سجّل الدخول للانضمام إلى مجتمعك المهني.
We can distinguish or difference between bill of exchange and promissory note by the points :1. Number Of Parties :-Bill of exchange : There are three parties in the bill of exchange.Promissory note : There are two parties in the promissory note.2. Number Written By :-Bill of exchange : It is written by the creditor.Promissory note : It is written by the debtor.3. Order And Promise :-Bill of exchange : In a bill of exchange it is an order.Promissory note : In a pro-note it is a promise to make the payment.4. Acceptance :-Bill of exchange : It must be accepted by the drawee before.Promissory note : It requires no acceptance.5. Dishonour Notice :-Bill of exchange : In this case notice of dishonour must be given by the holder to the concerned parties.Promissory note : In case of promissory note there is no need to serve the notice to the maker.6. Protest :-Bill of exchange : A foreign bill must be protested in case of dishonour.Promissory note : Protect is not needed in case of pro-note.7. In Sets :-Bill of exchange : A foreign bill can be drawn in sets.Promissory note : A pro-note cannot drawn in sets.8. Liability :-Bill of exchange : The drawer is liable only when the acceptor does not honour the bill.Promissory note : The liability of pro-note maker is primary.9. Payable To Bearers :-Bill of exchange : A bill can be drawn if it is not drawn payable to bearer on demand.Promissory note : A pro-note can not be drawn payable to the bearer.10. Drawer and Payee :-Bill of exchange : In this case drawer or payee may be the same person.Promissory note : In case of pro-note the drawer can not become the payee.11. Drawer's Position :-Bill of exchange : In this case the drawer of accepted bill stands in an immediate relation with the acceptor and not the payee.Promissory note : The drawer of the pro-note stands immediate relations with the payee.12. Conditional :-Bill of exchange : The acceptance of the bill may be conditional with the holders consent.Promissory note : A pro-note cannot be made conditional.13. Presentment :-Bill of exchange : In this case provision relating to presentment for acceptance is applicable.Promissory note : Such provision is not applicable in case of promissory note.
