Q.Number of parties in a Bill of Exchange are:

A promissory note (Section 4) is a two-party instrument: an unconditional written undertaking, signed by the maker, to pay a certain sum to a certain person or their order, or to bearer. Its only parties are the maker (the debtor, who promises to pay) and the payee (the creditor). A bill of exchange (Section 5) is structurally different: it is an unconditional written order, signed by its maker (the drawer), directing another named person (the drawee) to pay a certain sum to a certain person (the payee) or their order, or to bearer. A bill of exchange therefore usually has three parties — drawer, drawee and payee — and the drawee becomes primarily liable only after formally accepting the bill by signing it; before acceptance, only the drawer is bound. …