With respect to promissory note, which of the following statements is/are true?

  1. A promissory note denotes debt
  2. Payment for all promissory notes must be made on demand

Select the correct option from the codes given below:

Answer: [A] Only 1

Only 1st statement is correct. However, second statement is incorrect because Promissory note may be either demand or time.

This question is a part of GKToday's Integrated IAS General Studies Module