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Bills of Exchange — Account STD 11 Commerce — Question

CBSE BoardEnglish MediumSTD 11 CommerceAccountBills of Exchange1 Mark
Question
What is a promissory note?
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Answer

“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." -Section 4 of the Negotiable Instruments Act, 1881.

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