Tag Archives: promissory note

Promissory Note

Promissory Note   Date (DD/MM/YY) Principal Amount (Amount)   I, the undersigned, hereby promise to pay on demand to the order of (Name) the sum of (Amount) together with interest thereon from the date hereof until paid at the rate of (Percentage) per annum. Signed   Name: Witness: Name:

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What is meant by bill of exchange?

What is meant by bill of exchange? A written order to pay a sum of money on a given date to the drawer or to a named payee; a promissory note Or A written, unconditional order by one party (the drawer) to another (the drawee) to pay a certain sum, either immediately (a sight bill) or on a fixed date …

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Define promissory note

Define promissory note A signed document containing a written promise to pay a stated sum to a specified person or the bearer at a specified date or on demand Or A promissory note is simply a “promise to pay.” It contains a maker (the payor) and a lender (the payee). An unsecured promissory note is not attached to anything, the …

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How many parties are involved in Bill of Exchange?

How many parties are involved in Bill of Exchange? A three-party negotiable instrument in which the first party, the drawer, presents an order for the payment of a sum certain on a second party, the drawee, for payment to a third party, the payee, on demand or at a fixed future date. A bill of exchange is distinguishable from a …

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