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what is a promissory note ?
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A promissory note, referred to as a note payable in
accounting, or commonly as just a "note", is a contract
where one party (the maker or issuer) makes an
unconditional promise in writing to pay a sum of money to
the other (the payee), either at a fixed or determinable
future time or on demand of the payee, under specific
terms. They differ from IOUs in that they contain a
specific promise to pay, rather than simply acknowledging
that a debt exists
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Answer / h.r. sreepada bhagi
Promissory Note is a Negotiable Instrument - It's a promise
in written by a party (Maker or Issuer) to pay a certain sum
of money to another party on a certain date or time to be
determined later. Payment may be voluntary or on demand by
the payee or the holder in due course.
Good example of a Promissory Note is Currency Note.
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