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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 specific how that money must be repaid.