Asked by Annika Hogstrom on Jun 26, 2024
Verified
The two key parties to a promissory note are the
A) maker and a bank.
B) debtor and the payee.
C) maker and the payee.
D) sender and the receiver.
Promissory Note
A financial instrument containing a written promise by one party to pay another party a definite sum of money either on demand or at a specified future date.
Maker
In terms of financial instruments, the maker is the party that creates or issues the instrument, such as a check or promissory note.
Payee
The party in a financial transaction who receives payment.
- Recognize the parties involved in a promissory note and understand their roles.
Verified Answer
AM
Alicia MojarraJun 27, 2024
Final Answer :
C
Explanation :
The maker is the person who promises to pay a certain amount of money to the payee, who is the person to whom the money is promised, making them the two key parties in a promissory note.
Learning Objectives
- Recognize the parties involved in a promissory note and understand their roles.