This article will help you to learn about the between a bill of exchange and a cheque. Difference between Bill of Exchange and Cheque Bill of Exchange 1. Drawn On: It is usually drawn on any person. 2. Acceptance: Acceptance of bill of exchange is necessary before its payment can be claimed. 3. Days of Grace: Three days of grace [...]
This article will help you to learn about the difference between a bill of exchange and a promissory note. Difference between Bill of Exchange and Promissory Note Bill of Exchange 1. Drawer: It is drawn by a creditor. 2. Parties: There are three parties: (i) Drawer, (ii) Drawee and (iii) Payee. 3. Acceptance: A bill of exchange requires acceptance of [...]
The common forms of credit instruments are: 1. Cheque 2. Bill of Exchange 3. Draft 4. Letter of Credit 5. Hundi 6. Promissory Note. Form # 1. Cheque: A cheque is written order addressed to a banker, signed by the person who has deposited money with the banker to pay an amount of money specified on the order to a [...]