Explanation:

- Promissory Note:

- A written promise to pay a specific sum to a specified person or on demand.

- Involves two parties: maker and payee.

- Does not direct another party to pay.

- Bill of Exchange:

- A written, unconditional order by one party to another.

- Directs a specific person to pay a certain sum to a third party.

- Involves three parties: drawer, drawee, and payee.

- Correct Answer: Best fits the given description.

- Cheque:

- A type of bill of exchange, but always drawn on a bank.

- Payable on demand.

- Used primarily for transferring funds from a bank account.