Promissory Note
/ˌprɒmɪˈsɔːri noʊt/
Definitions
- (n.) A written, unconditional promise by one party to pay a specified sum to another on demand or at a fixed future date.
She signed a promissory note agreeing to repay the loan within one year.
Forms
- promissory notes
Related terms
See also
Commentary
Ensure the note clearly states the payment terms to avoid enforceability issues.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.