What Is The Difference Between Checks, Bills Of Exchange And Promissory Notes?

(1) there are three basic parties, namely the drawer, the drawee, the drawee and the drawee.

(2) a check must have a financial relationship between the drawer and the payer to issue a check; the drawer of the bill of exchange and the drawee do not have the first capital relationship; the drawer of the bill and the payer are the same person, and there is no so-called capital relationship.

(3) the principal debtor of a cheque and promissory note is the drawer, and the principal debtor of a bill of exchange is the drawer before acceptance, and is the acceptor after acceptance.

(4) time draft must be accepted. Cheque is generally accepted without acceptance at the moment, and there is no need for acceptance of the promissory note.

(5) the drawee of a bill of exchange guarantees payment by acceptance. If there is another acceptor, it is guaranteed by the acceptor; the cheque drawer guarantees the payment of the cheque; the drawer of the promissory note is responsible for the payment.

(6) the holder of a cheque or promissory note has recourse only to the drawer, and the holder of the bill has recourse to the drawer, endorser and acceptor during the validity period of the bill.

(7) there is a duplicate of the draft, and no cashier or cheque.

(8) cheque and promissory note do not refuse to accept the acceptance certificate, while the draft has.

The validity period of a cheque: because the cheque is a spot payment instrument instead of cash, the validity period is shorter. The bill law of China stipulates that the holder of the cheque should prompt the payment within 10 days from the date of issue, and the time limit for prompt payment of the cheque used elsewhere shall be separately stipulated by the people's Bank of China.