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A promissory note is a written promise by someone to pay a specific amount of [[money]] by a certain date.  It is the formal name for an "I.O.U."

A promissory note is a written promise by someone to pay a specific amount of [[money]] by a certain date.  It is the formal name for an "I.O.U."

For example, a bank will require a promissory note in exchange for loaning someone money, and the promissory note will specific how that money must be repaid.

For example, a bank will require a promissory note in exchange for loaning someone money, and the promissory note will specify how that money must be repaid.

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