Negotiable Instrument Act

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Which of the following is/are true about the Negotiable Instruments Act, the Promissory Note is …

(I) Definition of Promissory Note is given in section 8 of the Negotiable Instrument Act

(II) Containing an unconditional undertaking

(III) To pay a certain sum of money only to a specific person or the bearer

(IV) The seller is bound to accept the promissory note

(V) A document was written and signed by the payer/maker

(I), (II) and (III)

(II), (III) and (V)

(II), (III), and (IV)

(I), (III) and (IV)

All of the above

Explanation:

A promissory note refers to a written promise to its holder by an entity or an individual to pay a certain sum of money by a pre-decided date. Definition is mentioned in the section 4 of Negotiable Instrument Act. The seller isn’t bound to accept the promissory note.

By: santosh

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