Distinguish between the following: Cheque and Bill of Exchange

A cheque is a bill of exchange and always drawn on a banker, while a bill of exchange may be drawn on any one, including banker. A cheque can only be drawn payable on demand, a bill of exchange may be drawn payable on demand, or on the expiry of a specified period after sight or date. A bill of exchange 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 three days is allowed in the case of time bills of exchange, while no grace is given in the case of a cheque, for payment. The drawer of a bill of exchange 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 of exchange 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 of exchange. A cheque may be crossed, but not a bill of exchange.