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    Question

    What is a "Promissory note" as defined

    A An instrument in writing with a conditional promise to pay money to a specific person or bearer Correct Answer Incorrect Answer
    B A bank-note or currency-note used for financial transactions Correct Answer Incorrect Answer
    C An instrument in writing containing an unconditional undertaking, signed by the maker, to pay a certain sum of money Correct Answer Incorrect Answer
    D A negotiable instrument payable on demand without any written terms Correct Answer Incorrect Answer
    E A document issued by a bank promising to pay interest on deposits Correct Answer Incorrect Answer

    Solution

    Section 4. “Promissory note.”—A “Promissory note” is an instrument in writing (not being a bank-note or a 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 of the instrument.

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