Explanation:

- 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.