Ayesha promises by way of a promissory note to pay Fatima her friend a sum of

Rs.10,000 in the event of later's retirement from partnership firm. Decide whether the

Promissory Note is a valid promissory note. If yes/no, state reasons.

b) Mr. Ronaldo executes a promissory note in the form, 'I promise to pay a sum of $

20,000bn after three months'. Decide whether the promissory note is a valid promissory note. If

yes/no, state reasons.