An instrument to be a promissory note must fulfill the following essentials:
- It must be in writing.
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- The promise to pay must be expressed. A mere acknowledgment of debt without express promise to pay is not promissory note.
- The promise to pay must be unconditional. A promise to pay ‘when able’ or ‘as soon as I possibly can’ is conditional.
- It must be signed by the maker.
- The maker must be certain.
- Promise must be to pay a certain sum.