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The NI Act 1881 recognizes three forms of negotiable instruments, namely, promissory note, bill of exchange, and cheque The parties to these instruments can be : PARTIES TO A PROMISSORY NOTE Maker, payee, endorser, endorsee PARTIES TO A BILL OF EXCHANGE Drawer, acceptor or drawee, drawee in case of need, endorser and endorsee PARTIES TO A CHEQUE Drawer, drawee (always a bank), payee , endorser and endorsee Out of these parties, some parties are liable to pay upon the instrument, and some are entitled to receive the money on the instrument. The party entitled to receive may be holder or holder in due course.