Different between Cheque, Bill of exchange, Promissory note.

1.DIFFERENT BETWEEN CHEQUE AND BILL OF EXCHANGE:-

S.No	CHEQUE	BILL OF EXCHANGE
1	Drawn on a specified banker only	Can be drawn on any party
2	Payable on demand only	Payable either on demand or after a fixed period
3	No need for acceptance	Acceptance is a must
4	When a cheque is not paid it is said to be dishornour	A bill can be dishoured even for non acceptance
5	A cheque can be crossed generally or specially	No crossing is allowed
6	No documents will accompany a cheque	Accompanied by trade documents
7	Nothing and protesting is not necessary for a cheque	A dishourned bill requires noting and protesting
8	Generally cheque are not discounted	It is payable to order

2.WHAT ARE THE DIFFERENT BETWEEN CHEQUE AND A PROMISSORY NOTE?

S.No	CHEQUE	PROMISSORY NOTE
1	It is an conditional order	It is an unconditional promise
2	A cheque is drawn by the drawer who is a creditor	It made by the promisor who is a debtor
3	The bank is primarily liable a cheque	The promisor is primarily liable
4	A cheuqe can be crossed generally or specially	There is no crossing for a promissory note
5	No need for a stamp for a cheque	Stamp is a must for promissory note
6	The valid period for a cheque is six months	It is three years
7	No interest is mentioned on a cheque	It is three years
8	A cheque is payable either to bearer or order	It is payable to order

3.WHAT ARE DIFFERENCE BETWEEN BILL OF EXCHANGE AND PROMISSORY NOTE?

S.NO	BILL OF EXCHANGE	PROMISSORY NOTE
1	It is an unconditional order	It is an unconditional under taking or promise
2	It is drawn by the drawer who is a creditor	It is drawn by the promisor who is a debtor
3	A bill requires acceptance by the drawee	It is drawn by the promisor there is no need for acceptance
4	The drawee is primarily liable on a bill	The promisor is primarily liable
5	Foreign bill are drawn in set of three	It is a single document
6	Acceptor may impose condition which accepting a bill	A promisor cannot impose conditions while making a promissory note
7	Notice of dishounour has to be given by the holder to the drawer	No need for such notice