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Cheque’ is an instrument which contains an unconditional order, drawn on a banker, directing to pay a certain sum of money to the person whose name is specified in the instrument. ‘Bill of Exchange’ is a document contains an unconditional order, directing a person, to pay a certain amount to a specified person. These two terms sound the same, which becomes the cause of confusion for many people.
1.They are negotiable instruments
2 Addressing the to make payment
3 Always in writing
4 signed by the drawer of the instrument
5 Express order to pay a certain amount
Both of them are forms of payment. Both promise the receiver that they will receive money. There are three parties in both, the payee, the drawer, and the drawee.
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