Which act is fundamental in addressing issues related to promissory notes?

The Negotiable Instruments Act, 1881 is fundamental in addressing issues related to promissory notes because it specifically governs the creation, transfer, and enforcement of negotiable instruments, including promissory notes, bills of exchange, and cheques. This Act lays down the legal provisions that define the nature of these instruments, the rights and duties of the parties involved, and the processes for dishonor and enforcement if a promissory note is not paid.

Key aspects of the Act include the requirements for a valid promissory note, such as it being in writing, signed by the maker, and containing an unconditional promise to pay a fixed sum of money. It also details the implications of non-payment, allowing the holder to file a suit for recovery of the amount. Therefore, the Negotiable Instruments Act, 1881 serves as the primary law governing promissory notes in India, ensuring clear guidelines and legal recourse for all parties involved in transactions involving these instruments.

The other acts mentioned do not directly address the specifics of promissory notes. The Companies Act involves regulations for corporate entities, the Indian Partnership Act deals with partnership agreements, and the Limited Liability Partnership Act outlines the framework for limited liability partnerships. None of these acts focus