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"I promise to pay B Rs. 50,000/- and to deliver him my black horse on 1st March next." This is:
Question

"I promise to pay B Rs. 50,000/- and to deliver him my black horse on 1st March next." This is:

A.

A promissory note

B.

A bill of exchange

C.

An instrument payable on demand

D.

Not a promissory note

Correct option is D


A promissory note must contain an unconditional promise to pay a specific amount. The promise to deliver a black horse along with payment makes this not a promissory note as per Section 4 of the Negotiable Instruments Act, 1881.

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