Economics · Bills of Exchange
What distinguishes a promissory note from a bill of exchange?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1A promissory note is always payable on demand, while a bill of exchange is always payable on a fixed date
- 2A bill of exchange is signed only by the debtor, while a promissory note is signed by the creditor
- 3A promissory note is written and signed by the debtor, promising to pay the creditor a specified sum✓
- 4A promissory note is drawn by the creditor and accepted by the debtor
Correct answer
A promissory note is written and signed by the debtor, promising to pay the creditor a specified sum
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