History Of Money- Promissory Notes

Question 1

What is a promissory note?

Answer 1

A promissory note is a note in which one party the payer promises in writing to pay a sum of money to the other party the payee either at a specific future time or on demand of the payee under specific terms

Question 2

What does promissory mean

Answer 2

Promissory means a written promise to pay

Question 3

Are banknotes seen as promissory notes?

Answer 3

A banknote can be viewed as a promissory note that is accepted in transactions involving goods and services.

Question 4

What do the terms of promissory notes usually include?

Answer 4

~the term promissory note on the note in the language of the economy
~a promise to pay an agreed on sum of money or the amount the note is worth
~the interest that will be added on payment
~a statement of when the payment is to be made
~a statement pf where payment is to be made
~the name of the payee
~a statement of the date and place where the promissory note was issued
~the signature of the payer
~the terms of repayment that could include interest
~the date until the promissory note is valid

Question 5

What are demand promissory notes?

Answer 5

Demand promissory notes are payable when the payee demands that the payer pays it back.
Usually the payee only gives a few days notice before the payment is due

Question 6

Are promissory notes still used today?

Answer 6

Yes they are still found in many different formats though the basics stay the same