A “promissory note” is an instrument in writing (not being a bank-note or a currency-note) containing an unconditional undertaking, signed by the maker, to pay a certain sum of money only to, or to the order of, a certain person, or to the bearer of the instrument.

Illustrations

A signs instruments in the following terms:

1. I promise to pay B or order Rs. 500.
2. I acknowledge myself to be indebted to B in Rs. 1,000 to be paid on demand, for value received.
3. Mr. B, I O U Rs. 1,000.
4. I promise to pay B Rs. 500 and all other sums which shall be due to him.
5. I promise to pay B Rs. 500, first deducting thereout any money which he may owe me.
6. I promise to pay B Rs. 500 seven days after my marriage with C.
7. I promise to pay B Rs. 500 on D’s death, provided D leaves me enough to pay that sum.
8. I promise to pay B Rs. 500 and to deliver to him my black horse on 1st January next.
   The instruments respectively marked ( a ) and ( b ) are promissory notes. The instruments respectively marked ( c ), ( d ), ( e ), ( f ), ( g ) and ( h ) are not promissory notes.