Question

what is promissory note and give its eg? give its features

Answer 1

The meaning & definition of a promissory note and parties involved in a promissory note is already explained in the revision notes available on our website.

Features of a Promissory Notes:

(a) Unconditional written promise to pay the specified amount.

(b) It is drawn and signed by the maker of a promissory note.

(c) It specifies the name of the payee.

(d) Date of payment is specified.

(e) Specified amount is payable to the specified person or to his order or to the bearer.