It refers to negotiable instruments which promise to pay a certain amount within a particular period of time.a.None of the choicesb.Promissory Notec.Both answersis correctd.Bill of Exchange
Question
It refers to negotiable instruments which promise to pay a certain amount within a particular period of time.a.None of the choicesb.Promissory Notec.Both answersis correctd.Bill of Exchange
Solution
The correct answer is b. Promissory Note. A promissory note is a financial instrument that contains a written promise by one party (the note's issuer or maker) to pay another party (the note's payee) a definite sum of money, either on demand or at a specified future date.
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The Negotiable Instruments Act, 1882 provides a certain period of time for presenting a promissory note or bill of exchange for payment. This period is known as the:a.Maturity periodb.Grace periodc.Negotiation periodd.Limitation period
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promissory notes
All of the following would be regarded as financial instrument, exceptGroup of answer choicesNote payableReceivablesCashEquipment
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