Question

Kinds of Negotiable Instruments
A promissory note is an instrument in writing containing an unconditional undertaking, signed by the maker to pay ____ to or to the order of, a certain person, or only to bearer of the instrument.

• A. A certain type of goods
• B. A certain type of old coins
• C. A certain sum of money
• D. Any of the above

Answer 1

Answer: (C)

A certain sum of money

Section 4 of the act defines a “Promissory note” as an instrument in writing containing an unconditional undertaking, signed by the maker, to pay a certain sum of money only to, or to the order of, a certain person, or to the bearer of the instrument.