alleryDifference between Bill of Exchange and Promissory Note: in PN the maker is the:
ACreditor giving the order
BDebtor making the promise
CBanker handling the bill
DWitness signing the note
Answer & Solution
Correct answer: B. Debtor making the promise
1. Promissory Note is signed by the maker (debtor) promising to pay.
2. Bill of Exchange is drawn by the drawer (creditor) ordering the drawee to pay.
3. Hence creditor draws bills, debtor makes PN.
_Source: ICAI BoS Foundation Paper 1, Ch 6 "Bills of Exchange", §3 differences_
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