Which of the following is a formal written promise to pay a definite sum of money on demand or at a fixed or determinable future date?
Account payable
Bills of exchange
Prepaid insurance policy
Promissory Note
A
Bills of exchange
B
Promissory Note
C
Account payable
D
Prepaid insurance policy
Open in App
Solution
Verified by Toppr
Promissory Note is a formal written promise to pay a definite sum of money on demand or at a fixed or determinable future date
Was this answer helpful?
0
Similar Questions
Q1
Which of the following is a formal written promise to pay a definite sum of money on demand or at a fixed or determinable future date?
View Solution
Q2
Which of the following refers to an instrument in writing containing an unconditional order, signed by maker directing a certain person to pay on demand or at fixed or determinable future time a certain sum of money only to or to the order of, a certain person or to the bearer of the instrument?
View Solution
Q3
According to Negotiable Act, 1881, which of the following refer to an instrument in writing (not being a bank note or a currency note) containing unconditional undertaking, signed by the maker to pay or demand or at a fixed or determinable future time or the bearer of the instrument?
View Solution
Q4
Mr. Amit signs on instrument in the following terms. (i) "I promise to pay B or order Rs. 500" (ii) "I promise to pay B Rs. 500, first deducting all other sums which shall be due to him" (iii) "I promise to pay B Rs. 500 on D's death, provided D leaves one enough to pay that sum" Which of the following are promissory notes?
View Solution
Q5
When banks accept a fixed sum of money from an individual for a definite term and pay on maturity with interest, the deposit is known as ________.