Which of the Following Statements Is TRUE with Respect to Promissory

question 36

Multiple Choice

Which of the following statements is TRUE with respect to promissory notes?

• A) A promissory note usually requires the payment of interest, but it need not do so.
• B) The subject matter of a promissory note can be either the payment of money or the performance of services.
• C) Unlike a cheque or a bill of exchange, a promissory note is effective even without consideration because it consists of a promise to pay money.
• D) A promissory note always involves three different parties, called the maker, the payee, and the payer.
• E) A promissory note must be payable in instalments.

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