2006-07-01 14:04:26 · 8 answers · asked by ? 1 in Education & Reference ➔ Other - Education
a promissory note ..is like a contract where you agree to repay a loan ..and states the terms ..like amount and time
2006-07-01 14:10:44 · answer #1 · answered by pineforestkim 3 · 0⤊ 0⤋
It's a legal paper.
It has the wording
"I, Your Name, promise to pay to Joe Schmoe, the sum of blah-blah dollars on date DATE"
My Accounting teacher explained the differnce between an Account Receivable and a Note Receivable.
If someone doesn't pay the Receivable you take him to Court. If it's an Account Receivable, he may argue about the quality of the goods, the quantity, time of delivery or blah-blah. If it's a Note Receivable, the Judge will ask him "Did you sign it?" If he says "yes" then the Judge will -- boom-- rule he's gotta pay, end of case.
2006-07-01 14:30:00 · answer #2 · answered by Anonymous · 0⤊ 0⤋
A promissory note is a written promise to pay money to another party, like repayment of a debt or payment of a purchase amount. A postdated check is a form of promissory note. When you get a car loan, you sign a promissory note.
2006-07-01 14:11:32 · answer #3 · answered by just♪wondering 7 · 0⤊ 0⤋
a bit like an i.o.u only legally binding. It is a promise to pay the bearer on demand the some agreed on. Bank notes are promissory notes because the bank they are drawn on, the nations bank, promises to pay you the amount you request it you demand it from them
2006-07-01 14:10:39 · answer #4 · answered by cursedterror 3 · 0⤊ 0⤋
a letter or note you sign that shows you agree to watever is written down . most of the time it is about a debt and acts like a credit card where you have to pay later
2006-07-01 14:09:40 · answer #5 · answered by limegreenq7 1 · 0⤊ 0⤋
it is a notarized note from one person to another,stating that they promise to pay an amount which was agreed upon,in a certain time frame.
2006-07-01 14:09:53 · answer #6 · answered by deerwoman777 6 · 0⤊ 0⤋
An agreement you sign promissing to pay
2006-07-01 14:07:45 · answer #7 · answered by Elle 4 · 0⤊ 0⤋
its a legal iou
2006-07-01 14:08:28 · answer #8 · answered by harleythom 3 · 0⤊ 0⤋