IGNOU BCOC 133 2025 - Discuss the common features among promissory note, bill of exchange an

Question

Discuss the common features among promissory note, bill of exchange and cheque.

17 Nov 2025

Answer :

Word Count : 313

Promissory note, bill of exchange, and cheque are all negotiable instruments governed under the Negotiable Instruments Act, 1881 in India. They share several common features which distinguish them from ordinary contracts and financial instruments. Firstly, all three are written and signed documents that contain an unconditional promise or order to pay a certain sum of money. This written formality ensures legal recognition and enforceability. Secondly, they are transferable in nature. These instruments can be transferred from one person to another either by endorsement and delivery in the case of promissory notes

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