Commercial Law - Promissory Notes

A promissory note is an unconditional promise made in writing by one person to another signed by the maker, engaging to pay on demand or at a fixed or determinable future time, a sum certain in money, to, or to the order of, a specified person or to bearer, as defined the Bills of Exchange CAP 262, Part IV Promissory Notes (the "Law"), s. 83 (1).

This is not a bill of exchange but shares most of the characteristics of the bill of exchange.

It shall be noted that the note is a promise to pay and it is not an order to pay, hence there is no drawee and thus no acceptor.

The note shall be indorsed and delivered to be within the meaning of the relevant provisions of the Law (s. 83(2), (6)).