Question

characteristics of promissory note?

Answer 1

1) In writing

2) Express promise to pay

3) Definite and unconditional promise

4) Signed by maker

5) Promise to pay a certain sum

6) Promise to pay money only

7) Payee must be certain

8) Stamped

Answer 2

Promissory note :- A signed document containing a written promise to pay a stated sum to a specified person .

Characteristics :-

♥ It's a written document .

♥ There must be clear promise to pay a stated sum to the specified person .

♥ Must be drawn and signed by the marker .

♥ It must be properly stamped .

♥ It must specify the name of the maker and the payee .

Hope it helps ✌

Shreya ❤