How is termed a written promise to pay back a specified sum of money at a stated time or on demand ?
Correct answer: C. Both of them
- A. Promissory Note (PN)
- B. Note of hand
- C. Both of them
- D. None of them
Explanation
A promissory note is a written, unconditional promise to pay a specified amount at a stated time or on demand; a note of hand is a traditional synonym. Therefore both terms fit.
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