A company which issues a promissory note in lie... - JAMB Commerce 2018 Question
A company which issues a promissory note in lieu of payment for goods purchased
A
Is not bound to renew the note before payment
B
Can return the goods purchased and refuse to pay
C
Can refuse to pay on due date since it is only a promise
D
Is bound to redeem the note for cash on due date
correct option: d
A promissory note is a financial instrument that contains a written promise by one party to pay another party a definite sum of money.
the company is bound to redeem the cash on the due date
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