DIFFERENCE BETWEEN PROMISSORY NOTE AND BILL OF EXCHANGE

PROMISSORY NOTE	BILL OF EXCHANGE
In a pro-note there is a promise to pay	In a bill there is an order to pay
In a pro-note there are two parties the maker and the payee	In a bill there are there parties 1. Drawer  2. Drawee 3. Payee
Pro-note cannot be made payable to the maker himself	In a bill the drawer and the payee may be the same
The maker a pro-note is primarily liable	The maker of a bill is liable only when the Drawee does not accept or pay
A pro-note is signed by the person liable to pay. so no acceptance is needed	A bill has to be accepted by the Drawee before he can be held liable