Which one of the following is not the essential requirement to fulfil an instrument intended to be a…
Under s.4 NI Act a promissory note must contain an express undertaking to pay a certain sum unconditionally; a mere acknowledgement of indebtedness is not a promissory note,…
Choose your answer
Which one of the following is not the essential requirement to fulfil an instrument intended to be a Promissory Note ?
Answer and explanation
Correct answer B
Under s.4 NI Act a promissory note must contain an express undertaking to pay a certain sum unconditionally; a mere acknowledgement of indebtedness is not a promissory note, so "A mere acknowledgement of indebtedness is sufficient." is not an essential requirement.
Practice for these exams
-
UGC NET Law
See pack details on LawMint.net -
All India Bar Examination (AIBE)
Subject revision
See pack details on LawMint.net -
CUET PG Law (LL.M.)
Subject revision