Ram had borrowed certain sum of Rs.1,20,000/- from Shyam for which he had executed some...
90.2K
Verified Solution
Link Copied!
Question
Finance
Ram had borrowed certain sum of Rs.1,20,000/- from Shyam for which he had executed some documents. One of the documents prepared by Ram stated that "Received Rs.1,20,000/- from Mr. Shyam as a loan to be paid back fully by December 31, 2022, with an interest of 18% p.a." Answer the following questions: 1. Whether this was a Promissory Note? 2. If yes, why? If no, why? 3. What are the essentials of a Promissory Note? (15 Marks)
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
- Unlimited Question Access with detailed Answers
- Zin AI - 3 Million Words
- 10 Dall-E 3 Images
- 20 Plot Generations
- Conversation with Dialogue Memory
- No Ads, Ever!
- Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Other questions asked by students
StudyZin's Question Purchase
1 Answer
$0.99
(Save $1 )
One time Pay
- No Ads
- Answer to 1 Question
- Get free Zin AI - 50 Thousand Words per Month
Best
Unlimited
$4.99*
(Save $5 )
Billed Monthly
- No Ads
- Answers to Unlimited Questions
- Get free Zin AI - 3 Million Words per Month
*First month only
Free
$0
- Get this answer for free!
- Sign up now to unlock the answer instantly
You can see the logs in the Dashboard.