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Promissory Note is different from Bill of Exchange because the amount is paid by the maker in case
of former and by the acceptor in the later. this statement is true or false?
of former and by the acceptor in the later. this statement is true or false?
Most Upvoted Answer
Promissory Note is different from Bill of Exchange because the amount ...
True
Explanation:
Promissory Note:
- In a promissory note, the maker promises to pay a certain sum of money to the payee on a specified date or on-demand.
- The amount mentioned in the promissory note is paid by the maker of the note.
- The maker is primarily liable for the payment of the amount mentioned in the promissory note.
Bill of Exchange:
- In a bill of exchange, one party (drawer) orders another party (acceptor) to pay a certain sum of money to a third party (payee).
- The acceptor of the bill is the party who agrees to pay the specified amount mentioned in the bill of exchange.
- The acceptor becomes primarily liable for the payment of the amount mentioned in the bill of exchange.
Therefore, the statement that the amount is paid by the maker in the case of a promissory note and by the acceptor in the case of a bill of exchange is true. The primary liability for payment differs between the two financial instruments, with the maker being responsible for payment in a promissory note and the acceptor being responsible for payment in a bill of exchange.
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Promissory Note is different from Bill of Exchange because the amount is paid by the maker in case of former and by the acceptor in the later. this statement is true or false?
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Promissory Note is different from Bill of Exchange because the amount is paid by the maker in case of former and by the acceptor in the later. this statement is true or false? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about Promissory Note is different from Bill of Exchange because the amount is paid by the maker in case of former and by the acceptor in the later. this statement is true or false? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Promissory Note is different from Bill of Exchange because the amount is paid by the maker in case of former and by the acceptor in the later. this statement is true or false?.
Promissory Note is different from Bill of Exchange because the amount is paid by the maker in case of former and by the acceptor in the later. this statement is true or false? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about Promissory Note is different from Bill of Exchange because the amount is paid by the maker in case of former and by the acceptor in the later. this statement is true or false? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Promissory Note is different from Bill of Exchange because the amount is paid by the maker in case of former and by the acceptor in the later. this statement is true or false?.
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