promissory note

as per section 4 of the NI act a promissory note is an instrument in writing note being a banks note or a currency notes containing an unconditional undertaking singed by the maker to pay a certain sum of money to or to the order of a certain person or to the bearer of the instruments essential elements of promissory Notes an instrument to be promissory notes must possess the following element 

it must be in writing

a mere verbal promise to pay is note a promissory note must possess the following the method that can not be altered easily 

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• it must certainly have an express promise or clear understanding to pay there must be an express undertaking to pay 
• promise to pay must be unconditional a conditional undertaking destroys the negotiable chracter of an otherwise negotiable instrument therefore the promise to pay must not depend upon the happening of some outside contingency or event it must be payable abolutely 
• it should be singh by the maker 
• the person who promise himself it may be in pencil or ink a thumb mark or initials the pro note can be signed by the authorized agent of the maker but the must expressly state as 

the payee must be certain

the notes self must show cleary who is the person agreeing to undertake the liability to pay the amount in case two or more persons promise to pay they may bind themeselves jointly and severally but their cannot be in the alternative 

the promise should be to pay money and money only

money means legal tender money and not old and rare coins a promise to deliver say wheat a promise to 

the amount should be certain

one of the important characteristic of promissory notes is certainty note only regarding the person to whom or by whom payment is to be made but also regarding the amount