Write a short note.
1) promissory note (120)
Ans – A promissory note is a financial document in which one party, known as the maker, commits to paying a specified sum of money to another party, known as the payee, at a set date or on demand. It is a formal written promise that outlines the amount owed, the interest rate (if any), and the repayment schedule. This document serves as evidence of the debt and can be used in legal proceedings if the borrower fails to fulfill the promise.
Promissory notes are commonly used in various financial transactions, including personal loans, business financing, and real estate deals. They are crucial for establishing the terms of the loan, providing clarity and legal protection for both parties. The note includes essential details such as the principal amount, maturity date, and any conditions for repayment. While promissory notes are less complex than formal loan agreements, they are legally binding and enforceable. They help in ensuring that both the lender and borrower have a clear understanding of the financial arrangement and obligations.
2) Trademark (158)
Ans – A trademark is a distinctive sign or symbol used to identify and differentiate goods or services from those of other entities. It can be a word, phrase, logo, symbol, or combination thereof that is legally registered or established through use. The primary function of a trademark is to provide a unique identity for a brand, ensuring that consumers can distinguish its products or services from those of competitors.
Trademarks offer legal protection against unauthorized use or imitation, helping to prevent confusion in the marketplace. By registering a trademark, the owner gains exclusive rights to its use, which can be enforced through legal action if infringements occur. Trademarks also play a significant role in maintaining brand integrity and consumer trust. They help establish a brand’s reputation by ensuring consistent quality and preventing misleading practices. This protection is crucial for businesses to safeguard their identity and competitive edge in the market.
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