Question

What are the characteristics of a promissory note?

Answer 1

1. A promissory note must be in writing.
2. It must contain a promise or undertaking to pay a mere acknowledgment of indebtedness will not make it a promissory note.
3. The promise to pay must be unconditional.
4. It must be signed by the maker.
5. The maker of the note must be a certain person.
6. The payee must be certain.
7. A promissory note originally made payable to the bearer is illegal.
8. A banknote or a currency note is not a promissory note.
9. A promissory note must be sufficiently stamped.