A promissory note is a written promise to pay a debt. It is an unconditional promise to pay on demand or at a fixed or determined future time a particular sum of money to or to the order of a specified person or to the bearer.
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Interesting Questions
If the lender doesn’t push for payment, they might just be giving you a break. But be careful—it doesn’t mean you’re off the hook; they can always ask for it later.
Yes, just like passing a baton in a relay race, you can transfer the note to another person—this is called 'negotiation' of the note.
While it's not necessary, having a lawyer look it over can save you from headaches down the road, making sure everything's solid as a rock.
Yes! You can sell or transfer a promissory note to another party. Just like passing the baton in a relay race!
It's not required, but it's a good idea. A lawyer can help ensure that your note is clear and protects your interests.
Absolutely! Once it's signed, it's a legal obligation. Just like making a promise, but with some serious consequences if you don't keep it!
Yes, just about anyone can write one! You just need to be clear about the terms so that both parties understand their obligations.