Promissory Notes
Promissory notes are a negotiable instrument used to evidence that a sum of money is owed by one party to another. Promissory notes should be used in conjunction with a private loan agreement. The key terms of a promissory note include:
The key terms of a real promissory sales agreement include:
a. Identify of the Promisor and Promisee
b. The amount of money owed
c. The rate of interest
d. Date of maturity
e. Identify of security, if any