PROMISSORY NOTES BILL OF EXCHANGE Made by

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PROMISSORY NOTES & BILL OF EXCHANGE Made by Babushkin Mikhail Iff 4 -2

DEFINITION AND EXPLANATION OF BILL OF EXCHANGE: v A bill of exchange has been defined as an unconditional order in writing addressed by one person to another; signed by the person giving it, requiring, the person to whom it is addressed to pay on demand or at a fixed or determinable future time, a certain sum in money to or to the order of a specified person or to bearer.

DIFFERENCE BETWEEN INLAND FOREIGN BILLS: v The bill of exchange may be inland or foreign. An inland bill is a bill which is both drawn and payable within the a country. A foreign bill is one which is drawn in one country but accepted and payable in another country.

PARTIES TO A BILL OF EXCHANGE: v There are three parties in a bill: v Drawer v Drawee v Payee

PROMISSORY NOTE: v In this method, in place of the seller drawing a bill of exchange on the purchaser, the purchaser himself makes a written promise to pay the amount to the seller. It is defined as an instrument in writing containing an unconditional promise, signed by the maker to pay on demand or at a fixed or determinable future time, a certain sum of money only to or to the order of a certain person or to the bearer of the instrument.

DIFFERENCE BETWEEN BILL OF EXCHANGE AND PROMISSORY NOTE:

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