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What is Promissory Note vs Bill of Exchange Explained about?

1. A promissory note is a written promise by a debtor to pay a sum of money to a creditor, while a bill of exchange is a written order from a creditor to a debtor to pay a third party. 2. A promissory note involves two parties, while a bill of exchange involves three parties: a drawer, drawee, and payee. 3. A promissory note requires only a promise to pay, while a bill of exchange involves an order to pay that must be accepted by the drawee.

Author

Asad Saddique

Language

EN