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(a) "A promissory note is an instrument in writing (not being a blank or a currency note) containing an unconditional undertaking, signed by the maker, to pay a certain sum of money only to or to the order of a certain person or to the bearer of the instrument".

Required:

Explain the essential requisites of a promissory note.

(b) "A Bill of Exchange is an instrument in writing containing an unconditional order, signed by the maker, directing a certain person to pay a certain sum of money and money only to or to the order of a certain person or to the bearer of the instrument".

Required:

Distinguish between a ‘Bill of Exchange' and a ‘Promissory note'.

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