Write short notes on Essentials of a Promissory Note.

A Promissory Note, must possess the following essentials It must be in writing. It must contain an express promise or clear undertaking to pay. The promise or undertaking to pay must be unconditional. The maker must sign the promissory note in token of an undertaking to pay to the payee or his order. The maker must be a certain person, i.e., the note must show clearly who is the person engaging himself to pay. The payee must be certain. The promissory note must contain a promise to pay to some person or persons ascertained by name. The sum payable must be certain and the amount must not be capable of contingent additions or subtraction. Payment must be in legal money of the country. It must be properly stamped in accordance with the provisions of the Indian Stamp Act. It must contain the name of place, number and the date on which it is made.