A made a promissory note on stamp paper sufficient for Rs 10,000/- but without stipulating the amount and date of making the note. The holder of the note presented the note as it was and on refusal brought an action putting the note as it was as an evidence. Was A bound to make payment?
2007-02-27 23:14:10 · 3 answers · asked by arun k 1 in Business & Finance ➔ Credit
A Promissory Note establishes the Borrower's obligation to repay a debt back with interest. This document sets forth the amount of the loan, terms of the loan, the interest rate, the payment schedule and the rights and obligations of the lender and borrower
2007-02-27 23:19:23 · answer #1 · answered by riz109 3 · 0⤊ 0⤋
do you mean you got made a promissory note and it did not have a date that it was to be paid on or the admount each month it was to be paid..that happen to me and my ex we did a promissory note.. only thing it said was we were to have paid a payment each month on the 25th but no admount was given nor was there a time limit to pay it off.. when the person we were paying tried to get us to pay it in full we pulled it out and showed her we could pay just $10,oo a month if we wanted to to,, that ended the fight right there...she became really quite after that and took what we agreed apon each month.. and ours was done up by a lawyer... you may need to consult a lawyer just to see what your rights are..especially if you live out side the USA..
2007-02-28 01:14:28 · answer #2 · answered by ? 5 · 0⤊ 0⤋
If no one signed it, then nothing was agreed to, so it's just a piece of paper. If I'm understanding you correctly then "A" was wrong in not being more specific and "R" was right in not signing it without all the blanks filled in.
2007-02-27 23:26:21 · answer #3 · answered by kmv 5 · 0⤊ 0⤋