The Total solution for NCERT class 6-12
The points of comparison are as follows:
Basis of Comparison
Bills of Exchange
Promissory Note
What it contains
It contains an order to pay
It contains a promise to pay
Parties
It involves three parties which are : drawer, payee and acceptor
It involves two parties and they are: maker/drawer and payee
Drawn by
Creditor
Debtor
Acceptance
Acceptance required by the debtor
Being drawn by promissor, it requires no acceptance
Payee
The same person can be payee and drawer
Promissor and Payee cannot be same
Noting in case of dishonour
Dishonouring of the instrument, leads to noting of the bill
No requirement of noting
Liability
Liability does not rest with the drawer primarily
Promissor is primarily responsible