Question
Discuss the common features among promissory note, bill of exchange and cheque.
Answer :
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Skip in 10
Promissory notes, bills of exchange, and cheques are all negotiable instruments used in business transactions, each serving as a written promise or order to pay a certain sum of money. Despite their differences in purpose and usage, these instruments share several common features.
First, all three are written, signed, and unconditional promises to pay a specific amount of money. A promissory note is a direct promise by one party to pay another, a bill of exchange is an order to pay, and a cheque is a form of bill of exchange drawn on a bank account. This written form ensures clarity and provides evidence
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