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Promissory Notes, Bills of Exchange, and Cheques are important negotiable instruments used in business transactions, including cooperative societies. Although they share common features such as being written documents promising or ordering payment of a certain sum of money, they differ in their nature, parties involved, and usage. A Promissory Note is a written, unconditional promise made by one person (the maker) to pay a specified amount of money to another person (the payee) or to the bearer of the note at a fixed or determinable future time. It is a two-party instrument involving the maker and the payee. The maker is the person who promises to pay, and the payee is the person entitled to receive the payment. Promissory notes are often used in loan agreements, where the borrower promises to pay the lender on a particular date. The note must contain an unconditional promise to pay, the amount, the date of ___ ___ ____ ______ ___ __________ __________.
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