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Promissory note (view source)

Revision as of 16:58, December 21, 2006

301 bytes added ,  16:58, December 21, 2006
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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."

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.
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