BUSINESS ADMINISTRATION
BUSINESS LAW
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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When the date is not mentioned on Promissory note, it is called as ____
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Payable on demand
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Payable after date
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Unexpired Promissory Note
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Special Promissory Note
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Explanation:
Detailed explanation-1: -A promissory note payable on demand is a way to get repaid when you loan money to someone. It is a document that states the terms of the loan and includes the “payable on demand” notation on it. This means that you can demand full payment of the loan at any time you deem necessary.
Detailed explanation-2: -Date of Repayment-The note must clearly state the date on which the repayment for the loaned amount must be paid.
Detailed explanation-3: -Instruments payable on demand.-A promissory note or bill of exchange, in which no time for payment is specified, and a cheque, are payable on demand.
There is 1 question to complete.