Which one of the following statements is not correct for promissory note?
A promissory note must contain an unconditional undertaking to pay (s.4 of the Negotiable Instruments Act, 1881), so the statement "It contains a conditional undertaking…
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Which one of the following statements is not correct for promissory note?
Answer and explanation
Correct answer B
A promissory note must contain an unconditional undertaking to pay (s.4 of the Negotiable Instruments Act, 1881), so the statement "It contains a conditional undertaking signed by the maker." is not correct.
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