The Law Dictionary for Everyone
A promissory note is a financial tool used to put the terms of a loan in writing. The note spells out the amount borrowed by one party, as well as how and when the money will be paid back. A promissory note is a legal contract that binds the borrower by law. If the borrower fails to repay the money […]
Read moreA document that contains a guarantee or promise to pay a specific amount of money to a person or entity in possession of the instrument, whether on a specified date or on demand, is known as a “negotiable instrument.” A negotiable instrument features the name of the person who is to make payment. Examples include checks, banknotes, and promissory notes. […]
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