Difference between revisions of "Promissory note"
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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. | ||
Revision as of 01:37, March 12, 2007
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.