A promissory note means a signed document containing a written promise to pay a stated sum to a specified person at a specified date or on demand. Thus, a promissory note generally means a signed document containing a written promise to pay a stated sum to a specified person or the bearer at a specified date or on demand. A promissory note can be either payable on demand or at a specific time. If the promissory note is unconditional and readily salable, it is called a negotiable instrument.
If the person files a suit for recovery of money on the strength of promissory note then you have to prove that there is no transaction of money done in between you and that person. So not to admits the execution of Promissory Note .
If the promissory note is in-admissible in evidence, whether action can be maintained for recovery of the amount either on the theory of " money had and received " or under the provisions of Section 70 of the Contract Act. Section 118 lays down a special rule of evidence applicable to negotiable instruments. The presumption is one of law and thereunder a court shall presume, inter alia, that the negotiable or endorsed for Consideration. In effect it throws the burden of proof of failure of consideration on the maker of the note or the endorser, as the case may be. It is mandatory that the presumption under Section 118(a) should be made until the contrary is proved.