BANKING AFFAIRS

Detailed explanation-1: -Promissory note”.-A “promissory note” is an instrument in writing (not being a bank-note or a currency-note) 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.

Detailed explanation-2: -A bill of exchange is an unconditional order in writing addressed by one person to another, signed by the person giving it, requiring the person to whom it is addressed to pay on demand or at fixed or determinable future time a sum certain in money to order or to bearer business law Attorney Peck says.

Detailed explanation-3: -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-4: -A promissory note is an unconditional promise in writing made by one person to another person, 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 (section 176(1), Bills of Exchange Act, R.S.C. 1985, c.