alleryStart learning →A signed writing 'Mr B I.O.U Rs.1,000' is, under section 4:
ANot a promissory note
BA cheque in form
CA bill of exchange
DA promissory note
Answer & Solution
Correct answer: A. Not a promissory note
A bare IOU acknowledges a debt but has no promise to pay, so it is not a promissory note.
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