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Advantages of Bill of Exchange

Write two poi...

Question

Write two points of distinction between bills of exchange and promissory note.

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Solution

Basis of Difference
Bills of Exchange
Promissory Note
Drawer
It is drawn by a creditor.
It is drawn by a debtor.
Parties
There are three parties involved, namely drawer, drawee and payee.
There are two parties involved, namely maker and payee.

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