TAXMANN
CHAPTER 4.2
DEFINITIONS OF PROMISSORY NOTE, CHEQUE & 䖾 Quick Revision of the chapter PROMISSORY NOTE: (SECTION 4)
A Promissory note is an instrument in writing (not being cy note) containing an unconditional undertaking, signe certain sum of money only to, or to the order of, a certai of the instrument. Parties:
Maker: The person who makes the promissory no called the maker.
Payee: The person to whom the payment is to be m
Requisites of a Promissory Note:
The promissory note must be in writing.
It must contain an undertaking to pay. There must pay.
The promise to pay should be unconditional.
The promissory note must be signed by the maker.
The sum payable must be certain.
The instrument must contain a promise to pay mon