Discuss the distingtion among Promissory Notes, Bill of Exchange, and Cheques

Promissory notes, bills of exchange, and checks are all negotiable instruments commonly used in commercial transactions, each serving different purposes and possessing distinct characteristics. Here's a detailed discussion on the distinctions among them:

1. **Promissory Notes**:
   - **Definition**: A promissory note is a written promise made by one party (the maker) to pay a certain sum of money to another party (the payee) either on demand or at a specified future date.
   - **Parties Involved**: It involves two parties: the maker (who promises to pay) and the payee (to whom payment is promised).
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