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Originally Posted by Shoonra
A promissory note is not cash. It is a promise to pay cash. If the cash is not forthcoming then the promissory note takes on many of the qualities of a bounced check.
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A promissory note is more like cash than current bank notes.
FED notes are tender of payment. A mere offer. Conditional on top of that.
While a promissory note is a promise to pay. Unconditionally.
The fact is this, that there is nearly no way out of a promissory note and there a multiplicity of ways out of a offer of contract.
Which is more like cash?