Question

Of the 2 types of promissory notes, the promissory note, payable after a predetermined period is called ---.

• A. Bearer Promissory Note
• B. Demand Promissory Note
• C. Usuance Promissory note
• D. Discounted Promissory Note

Answer 1

Answer:

C. Usuance Promissory note

There are two types of Promissory Notes:

• Demand Promissory Note (Payable on Demand) 

• Usuance Promissory note (Payable after a predetermined period)