A promissory note is an unconditional written promise by a maker to pay a specified sum of money to a payee or bearer. Essential elements of a promissory note include being in writing, containing an express and unconditional promise to pay a definite sum of money, being signed, identifying the maker and payee clearly, and being properly stamped. The key parties are the maker, who promises to pay, and the payee, to whom payment is made.

5.  Promissory notes - unconditional undertaking by the maker to pay a
certain sum of money to the bearer or to a certain person
 Parties to a promissory note
 Maker
 Payee
 Essential
 Must be in writing
 Must contain an express promise to pay
 Promise to pay must be definite and unconditional
 Must be signed
 Must clearly point out the maker
 May be made jointly or jointly and severally
 Sum payable must be certain without any scope of contingent addition or
subtraction
 Payment must be in money and not in kind
 Must point out the payee clearly
 Must be properly stamped