The promissory note is the simplest form of commercial paper.

Name: The promissory note is the simplest form of commercial paper.
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A promissory note is a written promise from one party to pay a specified sum of money to another party at a predetermined date or upon demand. It is considered the simplest form of commercial paper because it is a unilateral contract and does not require the involvement of a third party like a bank or financial institution.

The Promissory Note Is the Simplest Form of Commercial Paper