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A company which issues a promissory note in lieu of payment for goods purchased

Commerce
JAMB 2018

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
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Correct Answer: Option D
Explanation

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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