Distinguish between the following: Promissory Note and Bill of Exchange

The following are the important points of distinction between a promissory note and a bill of exchange: A promissory note is a two-party instrument, with a maker (debtor) and a payee (creditor). In a bill of exchange there are three parties-drawer, drawee and payee, though any two out of the three capacities may be filled by one and the same person. In a bill, the drawer is the maker who orders the drawee to pay the bill of exchange to a person called the payee or to his order. When the drawee accepts the bill of exchange he is called the acceptor. A promissory note cannot be made payable to the maker himself, while in a bill of exchange, the drawer and payee may be the same person. A promissory note contains an unconditional promise by the maker to pay to the payee or his order; in a bill of exchange there is an unconditional order to the drawee to pay according to the directions of the drawer. A promissory note is presented for payment without any prior acceptance by the maker. A bill of exchange payable after sight must be accepted by the drawee or someone else on his behalf before it can be presented for payment. The liability of the maker of a pro-note is primary and absolute, but the liability of the drawer of a bill of exchange is secondary and conditional. Foreign bill of exchange must be protested for dishonour but no such protest is necessary in the case of a note. When a bill of exchange is dishonoured, due notice of dishonour is to be given by the holder to the drawer and the intermediate endorsee, but no such notice need to be given in the case of a note. A bill of exchange can be drawn payable to bearer provided it is not payable on demand. A promissory note cannot be made payable to bearer, even if it is made payable otherwise than on demand.