A commercial instrument where one party has a legal obligation to pay another party a certain sum of money and involves a maker and a payee only is called:

Question

Quizplus · Accepted Answer

A note is a commercial instrument where one party (the maker) has a legal obligation to pay another party (the payee) a certain sum of money. It typically involves just the maker and payee, unlike a check or draft which can involve banks or other parties. Debit and certificate of deposit are also financial instruments, but do not fit the description given in the question.

A Commercial Instrument Where One Party Has a Legal Obligation