Teaching UGC NET Mock Test Series 2025 (Paper 1 & 2) Law Commercial Law Negotiable Instruments

'I promise to pay Rs. 5000 and to deliver to him my black horse on 1st January next .' This is an illustration for which of the following?

1
A valid promissory note
2
An invalid promissory note
3
A valid bill of exchange
4
An invalid bill of exchange
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