State any three differences between Bill of Exchange and Cheque.

Question

&nbsp;Difference between cheque and bill of exchange:&nbsp;BasisChequeBills of ExchangeDraweeA cheque is always drawn on...

Accepted Answer

&nbsp;Difference between cheque and bill of exchange:&nbsp;BasisChequeBills of ExchangeDraweeA cheque is always drawn on...

Basis	Cheque	Bills of Exchange
Drawee	A cheque is always drawn on a bank or banker.	A bill of exchange can be drawn on any person including a banker.
Acceptance	A cheque does not require any acceptance.	A bill must be accepted before the Drawee can be made liable upon it.
Payment	A cheque is payable immediately on demand without any days of grace.	A bill of exchange is normally entitled to three days of grace unless it is payable on demand.
Stamp	A cheque does not require any stamp.	A bill of exchange must be stamped.