Question
Outline four requirements of a promissory note.
Answer
Requirements of a promissory note.
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- It is an unconditional written promise made by a person to another
- It must be signed by the maker
- It contains a promise to pay a sum certain in money.
- The sum is payable on demand or at a fixed or determinable future time.
- The sum is payable to a specified person, his order or the bearer.
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