Which of the following statements about a Promissory Note are correct?
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A promissory note is an unconditional written commitment signed by the debtor to pay a specified sum.
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A promissory note can be made verbally as long as it is acknowledged by both parties.
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It is drawn for a specified period and amount of money.
1
1 only
2
2 only
3
3 only
4
1 and 2 only
5
1 and 3 only