Law · Mercantile Law
Which of the following statements correctly defines a promissory note as per the Negotiable Instruments Act, 1881?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1It is an instrument in writing containing an unconditional order, signed by the maker, to pay a certain sum of money.
- 2It is an instrument in writing containing an unconditional undertaking, signed by the maker, to pay a certain sum of money.✓
- 3It is an instrument in writing containing a conditional order, signed by the maker, to pay a certain sum of money.
- 4It is an instrument in writing containing a conditional undertaking, signed by the maker, to pay a certain sum of money.
Correct answer
It is an instrument in writing containing an unconditional undertaking, signed by the maker, to pay a certain sum of money.
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