Promissory note
This is an old revision of this page, as edited by Aziraphale (talk | contribs) at 19:44, August 1, 2007. It may differ significantly from current revision.
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 specify how that money must be repaid.