A note is an order by a drawer to a drawee to pay a payee.

Question

Quizplus · Accepted Answer

A note, specifically a promissory note, is a financial instrument in which one party (the maker or issuer) promises in writing to pay a determinate sum of money to the other (the payee), either at a fixed or determinable future time or on demand of the payee, under specific terms. It does not involve a drawer and drawee, which are terms associated with a different financial instrument, the draft or bill of exchange.

A Note Is an Order by a Drawer to a Drawee