Indian Contract Act, 1872
Quick practice
Question 1 of 4
Consider the following statements differentiating the fundamental structures of Promissory Notes, Bills of Exchange, and Cheques:
Statement I: A Promissory Note contains an unconditional promise to pay, inherently involving only two parties: a maker and a payee.
Statement II: A Bill of Exchange contains an unconditional order to pay, fundamentally involving three parties: a drawer, a drawee, and a payee.
Statement III: A Cheque is legally classified as a specialized type of Promissory Note drawn on a specified banker.
Which of the statements are correct?
Statement I, Statement II, and Statement III
Statement I and Statement II only
Statement I and Statement III only
Statement II and Statement III only
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