NEGOTIABLE INSTRUMENTS – Promissory Note Question and Answer


Outline four requirements of a promissory note.



Requirements of a promissory note.

    1. It is an unconditional written promise made by a person to another
    2. It must be signed by 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.
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