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Promissory note is defined u/s -------- of the Negotiable Instruments Act, 1881.
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- Correct Answer: Option:2, 5
Promissory note is defined under Section 4 of the Negotiable Instruments Act, 1881. It is a legal document containing a written promise to pay a specific amount of money either on demand or at a specified future date.
- Option:1, 4
Section 4 defines a “Promissory Note,” but the correct section number is 4, not 1.
- Option:2, 5
Section 5 of the Act defines a “Bill of Exchange,” not a promissory note. However, Section 4 is correctly identified here as defining a promissory note.
- Option:3, 7
Section 7 describes the meaning of an “Acceptance.”
- Option:4, 8
Section 8 explains what a “Holder” means.
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