When President Obama (right) met Usain Bolt (left) he could not resist joining the world-class sprinter in striking his trademark 'lightning pose'. Before striking Bolt's signature pose, Obama praised him saying that 'nobody's ever been faster'.
Decide on a secured or unsecured promissory note for repayment. A secured promissory note requires the borrower to provide goods, property, or services as collateral, in the event the borrower defaults on the debt. The value of the collateral should be equal to or greater than the principal of the debt.
3. A promissory note contains an unconditional promise by the maker to pay to the payee or his order; in a bill of exchange there is an unconditional order to the drawee to pay according to the drawerâs direction. 4. A promissory note is presented for payment without any prior acceptance by the maker.