Bill of Exchange
- A bill need not be drawn on a printed form.
- Acceptance by the drawee is essential.
- A bill of exchange can be drawn on any person including banker.
- A bill is payable on demand or after date.
- A bill cannot be crossed.
- Days of grace is allowed.
- A bill cannot be countermanded.
- Bill can be made payable only to order.
- A bill is used for financing trade.
- It is usually protested noted on dishonour.
Cheque
- A cheque is always drawn on a printed form.
- A cheque does not require acceptance.
- A cheque may be drawn only on a banker.
- A cheque is always payable on demand.
- A cheque can be crossed.
- Days of grace is not allowed.
- A cheque may be countermanded.
- A cheque can be made payable to bearer.
- A cheque is used a means of payment.
- It cannot be protest or noted on dishonour.
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