Promissory
Note
01. It is promise to pay.
02. There are two parties i.e. the Maker and the
Payee.
03. The liability of the maker is primary.
04. A promissory note is not drawn in sets.
05. There is no need to present it for acceptance.
06. A promissory note can not be made payable to the maker himself.
Bill of Exchange
01. It is an order to pay.
02. Primarily there are 3 (three) parties, i.e.
Drawer, the Drawee and Payee.
03. The liability of the maker/drawer is secondary.
04. A bill of exchange may be drawn in sets.
05. A bill of exchange payable after sight requires acceptance.
06. A bill of exchange can be made payable to self.