promissory note

Also known as Bill of exchange, note payable

negotiable instrument, wherein one party makes an unconditional promise in writing to pay a determinate sum of money to the other

AI overview

A promissory note is a written promise from one person to pay a specific amount of money to another person. It matters because it serves as a legally binding document that clearly establishes the debt and repayment obligation between the two parties.

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Image: Lletra de canvi, manuscrit sobre paper, 1431, museu d'Història de València.JPG

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Commons category: Promissory notes

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A 1926 promissory note from the Imperial Bank of India, Rangoon, Burma for 20,000 rupees plus interest

A promissory note, sometimes referred to as a note payable, is a financial instrument in which one party (the maker or issuer) promises in writing to pay a determinate sum of money to another (the payee), subject to any terms and conditions specified within the document.