BUSINESS ADMINISTRATION
BUSINESS LAW
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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maker; payee.
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payee; maker.
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maker; delegator.
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payee; delegator.
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Detailed explanation-1: -The person making the promise is called the ‘maker, ’ and the person to whom the payment is to be made is called the ‘payee.
Detailed explanation-2: -As its name indicates, a promissory note is basically a promise, put into writing, to pay another person a sum of money. The person making the promise is called the payer, while the person who is to receive the payment is known as the payee.
Detailed explanation-3: -What Is a Promissory Note? 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.
Detailed explanation-4: -A promissory note is a financial instrument that contains a written promise by one person to another person to pay a definite sum of money either on-demand or in the future date. It is an unconditional promise to pay a definite amount to a payee.
Detailed explanation-5: -A bill of exchange is a written order binding one party to pay a fixed sum of money to another party on demand or at some point in the future.