Promissory Note

A promissory note is a written financial document in which one party promises to pay a specific amount of money to another party at a future date or on demand. It typically includes details such as the loan amount, interest rate, payment schedule, and what happens if the payment isn't made. It serves as a legal contract, providing both the lender and borrower with clear terms of the agreement and a way to enforce it if necessary. This financial tool is often used in personal loans, business transactions, and real estate deals.