Write the differences between promissory note and cheque.

Question

Difference between Promissory Note and Cheque:BasisPromissory NoteChequeNatureIt is an unconditional promise by the make...

Accepted Answer

Difference between Promissory Note and Cheque:BasisPromissory NoteChequeNatureIt is an unconditional promise by the make...

Basis	Promissory Note	Cheque
Nature	It is an unconditional promise by the maker to pay the money.	It is an unconditional order to the bank to pay certain sum of money.
Days of Grace	Three days of grace are allowed for payment.	No days of grace are allowed for payment.
Crossing	A promissory note cannot be crossed.	A cheque can be crossed.
Stamping	A promissory note must be stamped.	A cheque does not require a stamp.
Drawer	The maker of a promissory note is one who pays the money.	The drawer of a cheque is one who withdraws the money from the drawee.
Payee	The maker of promissory note cannot be payee.	The drawer of a cheque can be the payee.