Question

instument of credit money​

Answer 1

Answer:

Cheque: A cheque by far the most important credit instrument is a written order by a person on a bank to pay on demand a certain sum of money either to himself or to his order or to his bearer. It is a credit instrument so long as it is not presented for encashment.

Explanation:

Answer 2

Answer:

The simplest form of a credit instrument is the promissory note. A promissory note (or pro-note for short) is a written promise from a buyer or a borrower to pay a certain sum of money to the creditor or his order. It is what we call IOU (I owe you), i.e., an acknowledgment of debt and an obligation to repay.

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