BOE and Promissory Note

Bill Of Exchange and Promissory Notes
Complete details available with comparison factors. Read for more details and all information mentioned below.

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Bank and Royal Exchange c1974. View of Royal Exchange about 1974. Note NatWest Tower under construction in the background. (Photo credit: Wikipedia)

A bill  of exchange differs from a promissory note on the following points:

PromissoryNote	Bill of Exchange
It is promise to pay	It is an order to pay
There are only two parties the drawer, and the payee.	There are three parties, the drawer, the drawee, and the payee.
There is no necessity of acceptance	It must be accepted
The maker is primarily liable	The drawer is not primarily liable.
It is never drawn in sets	Foreign bills are specially drawn in sets.
Protesting is not necessary after dishonour	A foreignbill must be protested upon dishonor.

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