BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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It need not be in writing
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An implied promise is enough to constitute a valid promissory note
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The promise to pay must be definite and unconditional
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The name of the payee need not be mentioned
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Detailed explanation-1: -The correct answer is An unconditional promise to pay. 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: -It must contain an unconditional promise to pay. The sum payable must be certain. The promissory notes must be signed by the maker. It must be payable to a certain person, cannot be made payable to the bearer.
Detailed explanation-3: -An unconditional promise to pay a certain amount of money to a named party or the holder of the note, or to deposit that money as such persons direct. A promissory note must be in writing and signed by the maker of the promise.
Detailed explanation-4: -A promissory note cannot be made payable to the bearer, no matter whether it is payable on demand or after a certain time.