"promissory note", "bill of exchange", "note payable" - many dictionaries present these terms as interchangeable. Wikipedia doesn't contain an article on "bill of exchange".

Is there any explanation as to when or in what situation or context I should use each one of those three terms?

  • You need a textual context. Today, mostly people say notes. – Lambie Jun 30 at 17:40

This is less of an English question and more about what terms are most appropriate or most common in a particular business or industry, in a particular country, and for a particular purpose.

For example, bills of exchange and promissory notes are common ways of requiring payment, but bills of exchange are issued by the creditor (or a third party), and need to be accepted by the debtor before they are valid. Promissory notes are issued by the debtor and are immediately valid.

Meanwhile, "note payable" is (usually) an accounting term that describes how debts, and payments on those debts, are recording in an accounting journal. It may describe the same thing as a promissory note, just with a different name.

You may find a more complete answer by searching on the web for sites that focus on accounting, financial, and business services. For example: Promissory Note and Bill of Exchange | Difference

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