A promissory note:
A)Is an oral promise
B)Is a conditional promise
C)Has a fixed time
D)Has a variable time in the future to be paid
E)None of these

Question

Quizplus · Accepted Answer

A promissory note is a written promise to pay a fixed sum of money on a specific future date or on demand. It is a legally binding document and must be in writing to be enforceable. Therefore, options A, B, and D are incorrect. Option E is incorrect because the correct answer is C.

A Promissory Note