Promissory notes are similar to bills of exchange in that they, too, are a financial instrument that is a written promise by one party to pay another party. Promissory notes are retained by the payee or seller and, once payment has been completed, must be canceled and returned to the issuer or buyer.
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Answer:
Promissory notes are similar to bills of exchange in that they, too, are a financial instrument that is a written promise by one party to pay another party. Promissory notes are retained by the payee or seller and, once payment has been completed, must be canceled and returned to the issuer or buyer.
Explanation: