Each of the following is a characteristic of a promissory note except a(n)
A)maturity date that can be determined on the date the note is signed.
B)payee who has an unconditional right to receive a definite amount on a definite date.
C)maker who agrees to pay a definite sum subject to certain conditions.
D)amount to be paid that can be determined on the date the note is signed.

Question

Quizplus · Accepted Answer

A promissory note is a financial instrument that outlines a written promise by one party (the maker) to pay another (the payee) a definite sum of money, either on demand or at a specified future date. The key characteristic of a promissory note is its unconditional promise to pay, meaning the obligation to pay is not subject to any conditions. Therefore, option C, which describes the maker agreeing to pay a definite sum subject to certain conditions, is not a characteristic of a promissory note.

Each of the Following Is a Characteristic of a Promissory