alleryA promissory note requires acceptance from:
AMaker before issuance
BPayee on receipt
CBank on negotiation
DNo one (no acceptance)
Answer & Solution
Correct answer: D. No one (no acceptance)
1. Promissory note is signed by the maker who promises to pay; no acceptance step is needed.
2. Bills of Exchange require the drawee to accept.
3. Hence acceptance is unique to bills, not promissory notes.
_Source: ICAI BoS Foundation Paper 1, Ch 6 "Bills of Exchange", §2 ¶3_
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