Question

Kinds of Negotiable Instruments
A promissory note is an instrument in writing containing an unconditional undertaking, signed by the maker to pay a certain sum of money -.

• A. To, or to the order of, a certain person
• B. Only to bearer of the instrument
• C. Either (A) or (B)
• D. Both (A) & (B)

Answer 1

The correct option is C Either (A) or (B)

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.