1. The differences between a bill and a promissory note are as follows:BillNote(1) A bill is an unconditional order to pay.(1) A note is an (2) A bill has three basic parties namely drawer, drawee and payee.(2) A note has two basic parties namely (3)Where payable after date, a bill is generally accepted.(3) A note is (4) An acceptance can be conditional.(4) A promise to pay can (5) Before acceptance the drawer is primarily liable for payment, but after acceptance, the acceptor becomes primarily liable for payment.(5) A maker is always the party (6) A bill can be accepted for honour.(6) A note accept for honour.(7) A bill can be drawn in a set.(7) A note be drawn in a set.2The differences between a cheque and a bill are as follows:BillCheque(1) The drawee may be any person.(1) The drawee must be a .(2) There are four kinds of tenor for the bills.(2) The tenor is merely payable .(3) After acceptance the acceptor is primarily liable for payment.(3) The is always primarily liable for payment.(4) Before issuing a bill, the drawer may not open an account with drawee.(4) Before issuing a cheque the drawer must be a customer who has opened an with the paying bank and money in the account.(5) A bill other than a bankers demand draft or stipulation in Article 5 of Cheque Act cannot be crossed.(5) A cheque can be .(6) Acceptance made by acceptor is irrevocable.(6) Duty and authority of paying bank to pay a cheque may be terminated by .(7) A bill can be drawn in a set.(7) A cheque cannot be drawn in a 3Make choice of whether the following bills are acceptable or not.(1) A bill shows: Pay to ABC Co. providing the goods in compliance with contract the sum of one thousand US dollars. ( ) A. It is acceptable B. It is unacceptable(2) A bill shows: Pay to ABC Co. out of proceeds of sale of woolen blankets the sum of one thousand US dollars. ( ) A. It is acceptable B. It is unacceptable(3) A bill shows: Pay from our No. 2 account to ABC Co. the sum of one thousand US dollars. ()A. It is acceptable B. It is unacceptable(4) A bill shows: Pay to ABC Co. or order the sum of one thousand US dollars and debit our No. 2 account. ( ) A. It is acceptable B. It is unacceptable(5) A bill shows: Pay to Mary the sum of fifty pounds and gave her a suit of clothes. ( ) A. It is acceptableB. It is unacceptable4. (1) The maturity of one month after 31 Jan. is ( ). (2) The maturity of two months after 28 Feb. is ( ). (3) The maturity of 180 days after 4 April is ( ).5. (1)The party who draws and deliver the bill is called ( ). (2)The party on whom a bill is drawn but has not accepted it is called ( ) . (3)The drawee agrees to pay on the due date and signs the bill expressing his agreement, he is called ( ). (4)The party in whose favour the drawer directs payment to be made is called ( ). (5)The party who endorses the bill and delivers it is called ( ). (6)The party to whom an endorser endorses the bill is called ( ). (7)The person who transfers his possession of a bill to another is called ( ). (8)The person to whom the bill is transferred is called ( ). (9)Payment of a bill may be guaranteed by a third person who is called ( ). (10)A ( ) means the payee or endorsee of a bill who is in possession of it, or the bearer thereof. (11)A ( ) is any holder whether he gave value or not, providing some previous holder gave value, but now he is a holder. (12)A ( ) is a holder who has taken a bill with complete and regular items on the face under the following conditions: (a). That he became the holder of the bill before it was overdue, and without notice that it had been previously dishonoured, if such was the fact. (b). That he took the bill in good faith and for value, and that at that time the bill was negotiated to him he had no notice of any defect in the title of the person who negotiated it.6. The holder may exercise his right of recourse only when he has completed the following procedures: (1) ( ) the bill to drawee for acceptance and / or payment, and it is dishonoured by non-acceptance / non-payment. (2) Give ( ) to his prior party in one business day following the day of dishonour. (3) Make a ( ) for non-acceptance or non-payment one business day following the day of dishonour.7. (1) The drawee banks of D/D are located