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In case of a Promissory Note, there are:
3 Parties
5 Parties
2 Parties
4 Parties
6 Parties
- A Promissory Note is a financial instrument in which one party (the maker) promises in writing to pay a definite sum of money to another party (the payee), either at a fixed future date or on demand.
- There are only 2 parties involved in a promissory note:
- Maker: The one who makes the promise to pay.
- Payee: The one to whom the payment is promised.
- Other options like 3, 4, 5, or 6 parties are incorrect in the context of a promissory note. These options may sometimes apply to other instruments like bills of exchange but not here.
- Therefore, the correct option is:
Option:3 - 2 Parties
By: santosh ProfileResourcesReport error
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