Question

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

• A. a conditional undertaking
• B. an implied undertaking
• C. an unconditional undertaking
• D. a deemed undertaking

Answer 1

Answer: (C)

an unconditional undertaking

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.