Which of the following is not an advantage of promissory note?a.An element of convenient meansb.None of the choicesc.They allow time for repaymentd.They are legally binding

promissory note and its essential

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

promissory notes

Matching QuestionMatch the following terms to the appropriate definitions.InstructionsDrag and drop application.Promissory notePromissory note drop zone empty.PrincipalPrincipal drop zone empty.InterestInterest drop zone empty.MakerMaker drop zone empty.PayeePayee drop zone empty.Maturity dateMaturity date drop zone empty.Amount that the signer agrees to pay back, not including interestDay that the principal and interest must be paidThe person to whom the note is payableWritten promise to pay a specified amount of moneyCharge from using money loaned from one entity to anotherOne who signed the note and promised to pay at maturity

A promissory note must always be in writing. It can never be an oral contractual promise to pay money. This is a legal as well as a customary requirement of such instruments.Select one:TrueFalse