Asked by breana norris on May 06, 2024
Verified
A note is a promise, by the maker of the note, to pay a payee.
Maker
The party in a financial transaction responsible for creating or issuing a promissory note and promising to pay it.
Payee
The individual or entity to whom a payment is to be made or has been made.
- Understand the definition and characteristics of negotiable instruments.
Verified Answer
HR
Humberto RomeroMay 09, 2024
Final Answer :
True
Explanation :
A note, often referred to as a promissory note, is a financial instrument in which one party (the maker) promises in writing to pay a determinate sum of money to the other (the payee), either at a fixed or determinable future time or on demand of the payee, under specific terms.
Learning Objectives
- Understand the definition and characteristics of negotiable instruments.