Promissory Note: What It Is, Different Types, and Pros and Cons A promissory note is a written promise by one party (the note's issuer or maker) to pay another party (the note's payee) a definite sum of money, either on demand or at a specified future date
What Is a Promissory Note? Definition, Examples, and Uses - LegalZoom What is a promissory note? Promissory notes may also be referred to as an IOU, a loan agreement, or just a note It's a legal lending document that says the borrower promises to repay to the lender a certain amount of money according to certain specified terms
promissory note | Wex | US Law | LII Legal Information Institute promissory note An unconditional promise to pay a certain amount of money to a named party or the holder of the note, or to deposit that money as such persons direct A promissory note must be in writing and signed by the maker of the promise
Promissory Note | Types, Components, Importance, Enforcement Promissory notes can be used for a wide range of loans, from personal loans to business loans, and can be either secured or unsecured The purpose of a Promissory Note is to provide a written record of the loan agreement and to establish the legal obligations of both parties
promissory - Meaning in Law and Legal Documents, Examples and FAQs In summary, "promissory" is a term that signifies a commitment or guarantee in a legal context It’s about making promises that have legal implications, ensuring that everyone involved understands their obligations