Promissory Notes

A promissory note is a written promise from one person to another to pay a specific amount of money by a certain date. It serves as a formal agreement that outlines the terms of the loan, including the payment schedule and any interest. The person borrowing the money is called the maker, while the lender is the payee. Promissory notes are often used in personal loans, business transactions, or real estate deals to ensure that both parties understand their obligations and to provide legal evidence of the debt.