Question
Which of the following is not treated as 'promissory
note' as per Section 4 of the Negotiable Instrument Act, 1881? A signed the instrument in following termsSolution
Option 3 is not a promissory note as definite sum is not mentioned. According to Section 4, a promissory note is: · An instrument (not being bank note or currency note) 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. Ex- I promise to pay B or order Rs 500.
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