Questiona a promissory note is an instrument in writing not, Ask an Expert

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QUESTION

(a) "A promissory note is an instrument in writing (not being a blank or a currency note) 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".
Required:

Discuss the essential requisites of a promissory note.

(b) "A Bill of Exchange is an instrument in writing containing an unconditional order, signed by the maker, directing a certain person to pay a certain sum of money and money only to or to the order of a certain person or to the bearer of the instrument".

Required:

Distinguish between a ‘Promissory note' and a ‘Bill of Exchange'.

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M9585908

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