Bill of exchange
• Promisory note : A written promise by debtor to creditor for the purpose of payment is called Promisory note . Maker of Promisory note is Debtors. There are two parties are involved inPromisory note ( creditor and Debtors).There are some of limitations in Promisory note and there is no any legal provision in Promisory note to recovery of cash from Debtors. Promissory Note – Explained (Indian Law) A Promissory Note is a written promise made by one person to another, to pay a specific sum of money, either on demand or at a future date. Defined Under: Section 4 of the Negotiable Instruments Act, 1881 “A promissory note is an instrument in writing (not being a banknote or a currency note), containing an unconditional undertaking,signed by the maker, to pay a certain sum of money to, or to the order of, a certain person, or to the bearer of the instrument.” Key Features: 1. Must be in writing 2. Contains an unconditiona...