Question

Distinguish between Bill of Exchange & Promissory Note.

Answer 1

No.	Basis of Difference	Bill of Exchange	Promissory Note
1	Undertaking	It contains an unconditional order.	It contains an unconditional undertaking.
2	Number of Parties	There are three parties: Drawer [maker] Drawee Payee	There are two parties: Maker Payee
3	Drawer of the instrument	A creditor draws a Bill on the debtor.	A debtor executes a promotion in favor of a creditor.
4	Identify the parties	Both Drawer and payee can be one and the same person.	The maker himself can not be the payee because the same person cannot be both the promisor and promisee.