Question
Under Section 4 of the Negotiable Instruments Act, 1881,
a promissory note must contain an undertaking that is:Solution
Section 4 defines a promissory note as an instrument in writing (not being a bank-note or currency-note) containing an unconditional undertaking, signed by the maker, to pay a certain sum of money only to, or to the order of, a certain person, or to the bearer. The promise must be unconditional and for a certain sum. An order to pay is the feature of a bill of exchange under Section 5, not a promissory note. An undertaking coupled with delivery of goods (illustration h) is not a valid promissory note.
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