Final answer:
Perpetuities are characterized by fixed and regular payments without an end date, distinguishing them from bonds, which have a maturity date.
Step-by-step explanation:
The characteristics of a perpetuity include it paying a fixed amount of money at regular intervals and having no end date. Unlike a bond, which has a maturity date when the borrower will pay back its face value as well as its last interest payment, a perpetuity does not have a fixed term; the payments continue indefinitely. Bonds typically have a coupon rate or interest rate, usually paid semi-annually, and they have a face value which is the amount the borrower agrees to pay the investor at maturity.