BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Which of the following is not a prerequisite for a promissory note?
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Drawn on a specified banker
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It should be unconditional
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It should be in writing
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It should be made and signed by the debtor
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Explanation:
Detailed explanation-1: -Acceptance is not an essential requirement of a valid promissory note.
Detailed explanation-2: -A promissory note cannot be made payable to the bearer, no matter whether it is payable on demand or after a certain time.
Detailed explanation-3: -These include the drawee, drawer and payee. Drawer: A drawer is a person who agrees to pay the drawee a certain amount of money on the maturity of the promissory note. He/she is also known as maker. Drawee: She/He is an individual, in whose favour the note is prepared.
There is 1 question to complete.