Qn : Mr. A who owed Rs. 5000/- for the Purchase made, gave a Promissory Note . .
What is a Promissory Note .?
- It is an unconditional promise in writing by the maker to pay the payee
- It is payable on demand or after specified date
- Acceptance of payee is not required unlike bill of exchange
- For more details: https://www.investopedia.com/terms/p/promissorynote.asp
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