Promissory note

 What is Promissory note?

                           Specimen of promissory note

A 'promissory note' 

is an instrument

in writing containing an unconditional undertaking signed by the maker,

to pay certain sum of money only to,

or to the order of,

a certain person,

or to the bearer of the instrument.

Parties to promissory note.

1. MAKER : the person who makes the promise to pay is called maker. He is the debtor and must sign the instrument. 

2. PAYEE:  payee is the person to whom the amount on the note is payable