I promise to pay Rs.5000 and to deliver to him my black horse on 1st January next. This is an…
A promissory note must contain an unconditional undertaking to pay only a certain sum of money; a promise to pay money and additionally to deliver a horse is not a valid…
Choose your answer
I promise to pay Rs.5000 and to deliver to him my black horse on 1st January next. This is an illustration for which of the following?
Answer and explanation
Correct answer B
A promissory note must contain an unconditional undertaking to pay only a certain sum of money; a promise to pay money and additionally to deliver a horse is not a valid promissory note under s.4 of the Negotiable Instruments Act, 1881. Hence it is "An invalid promissory note".
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