What Does Promissory Mean?
A Promissory Note, Sometimes Referred to as a Note Payable, Is a Legal Instrument, in Which One Party Promises in Writing to Pay a Determinate Sum of Money to...
A promissory note, sometimes referred to as a note payable, is a legal instrument, in which one party promises in writing to pay a determinate sum of money to the other, either at a fixed or determinable future time or on demand of the payee, under specific terms.
What does promissory note mean?
A promissory note is a financial instrument that contains 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.
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How does a promissory note work?
A promissory note is a legal promise to repay money borrowed. People can borrow money from each other, or from banks and other lending institutions. When someone borrows money, a promissory note is written to legally protect both the payor and the payee.
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