PRINCIPAL FEATURES OF PROMISSORY NOTE

1. The promissory note is a promise and not an order.
2. The promise must be unconditional and in writing.
3. It must be signed b the maker.
4. A promissory note being a written promise to pay, does not need acceptance like a Bill of Exchange.
5. A promissory note is transferable by endorsement.

NOTE: A bank note is a promissory note made by a banker, and is payable to bearer on demand. The parties to a promissory note are the maker (debtor) and the payee (creditor).