Enumerate the distinction between the Cheque and the Bill of Exchange.

As a general rule, the provisions applicable to bills payable on demand apply to cheques. However, there are few distinctions which are as under: A cheque is a bill of exchange and always drawn on a banker, while a bill may be drawn on any one, including banker. A cheque can only be drawn payable on demand, a bill may be drawn payable on demand, or on the expiry of a specified period after sight or date. A bill payable after sight must be accepted before payment can be demanded, a cheque does not require acceptance and is intended for immediate payment. A grace of 3 days is allowed in the case of time bills, while no grace is given in the case of a cheque, for payment. The drawer of a bill is discharged, if it is not presented for payment, but the drawer of a cheque is discharged only if he suffers any damage by delay in presentment for payment. Notice of the dishonour of a bill is necessary, but not in the case of a cheque. The cheque being a revocable mandate, the authority may be revoked by countermanding payment, and is determined by notice of the customer's death or insolvency. This is not so in the case of bill. A cheque may be crossed, but not a bill.