1. The instrument must be in writing. It can't be verbal.
2. It must be signed by a maker who should be a definite and definite person. A rubber stamp signature or maybe a signature in pencil that is valid. an agent can even sign a note on behalf of the firm having the authority.
3. It should contain an unrestricted promise to reimburse a definite amount of cash solely. the number of cash must be sure and definite.
4. The promise should be expressed. It can’t be implied.
5. The note should to be paid on demand or at a set future date.
6. It must be owed to a specific person or to the ordered person. The receiver must be sure.
7. The note may be created by two or more persons who may be susceptible to pay the certain quantity jointly.
8. It should be sealed according to the Law of statute.
9. The medium of payment should be in cash.
No comments:
Post a Comment