BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -(1) A promissory note is an unconditional promise in writing made by one person to another signed by the maker, engaging to pay, on demand or at a fixed or determinable future time, a sum certain in money, to, or to the order of, a specified person or to bearer.

Detailed explanation-2: -Code (UCC), a commercial paper must conform to the following requirements: It must be in writing and signed by the maker or drawer. It must contain an unconditional promise or order to pay a definite sum in money. It must be payable on demand or at a definite time.

Detailed explanation-3: -“Bill of exchange”.-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 only to, or to the order of, a certain person or to the bearer of the instrument.

Detailed explanation-4: -The promise to pay is an unconditional promise; this means your obligation to pay isn’t subject to any condition such as requiring that a specific event must first happen, or a particular action must first be taken.

Detailed explanation-5: -A promissory note is a debt instrument that contains a written promise by one party (the note’s issuer or maker) to pay another party (the note’s payee) a definite sum of money, either on-demand or at a specified future date.