PROMISSORYNOTE

Promissory note

A promissory note 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. If the promissory note is unconditional and readily salable, it is called a negotiable instrument.

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promissory note

Noun

  1. A document saying that someone owes a specific amount of money to someone else, often with the deadline and interest fees.


The above text is a snippet from Wiktionary: promissory note
and as such is available under the Creative Commons Attribution/Share-Alike License.

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