NEGOTIABLE INSTRUMENTS – Promissory Note Question and Answer

Question

Outline four requirements of a promissory note.

 

Answer

Requirements of a promissory note.

    1. It is an unconditional written promise made a person to another
    2. It must be signed the maker
    3. It contains a promise to pay a sum certain in money.
    4. The sum is payable on demand or at a fixed or determinable future time.
    5. The sum is payable to a specified person, his order or the bearer.
(Visited 2 times, 1 visits today)
Share this:

Written by 

Leave a Reply

Your email address will not be published. Required fields are marked *