hurmmm...

always confuse between this two things
yeah
write down..fast..fast

• Promissory note -

defined by section 83

-as an unconditional promise in writing made by one person to another signed by
the maker engaging to pay on demand or at a fixed determinable future
date to the order or to the person

-only two parties involved
-the drawer and drawee are the same person and described as the "maker"
-the maker engages in to pay a sum certain of money to or order a specified person or bearer to its maturity

• Bill of Exchange
  

- involved three parties
-the drawee,drawer and the payee

defined by every word..gee to hard for me..hopefully pass tis paper...
okie..dokie

• Negotiable paper is applied to promissory note and bill of exchange
• Apply oso to bond and other securities payable
• Negotiable instrument is not a contract
• contract requires an offer, acceptance and consideration which is non of this element it has
• The right to the performance of a negotiable instrument is linked to the possession of the document itself