A promissory note is, in its most basic form, a written statement containing an unconditional promise by one party to pay a definite sum of money to another party.
Often, a promissory note is used to set out the terms of a debtor/creditor relationship, and such documents are commonly drawn up, with or without legal assistance, when an individual borrows from a family member or friend.
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*The information provided in this article is designed to provide useful information on the subject, not to provide specific legal advice.