noun a written promise to pay a specified sum of money to a specified person at a specified time
Promissory notes are commonly used in real estate transactions as a way to secure financing for the purchase of property.
A promissory note is a written promise to pay a specified sum of money to a designated person or entity at a specified date or on demand.
Businesses may use promissory notes as a form of short-term financing or to secure loans from investors or lenders.
In legal contexts, a promissory note is a legal instrument that serves as a written promise to repay a debt.
Banks often use promissory notes as a means of lending money to individuals or businesses.
A writer may use a promissory note as a plot device in a story or novel to create tension or conflict between characters.
A psychologist may use a promissory note as a tool in therapy sessions to help clients explore issues related to trust, responsibility, and commitment.
A financial advisor may recommend the use of a promissory note as a way for clients to formalize loan agreements or repayment plans with family members or friends.
A real estate agent may use a promissory note as part of a seller financing arrangement, where the buyer makes payments directly to the seller over time instead of obtaining a traditional mortgage.