promissory note

Found in Anh - Anh (Wordnet)

Definition Noun : A written and signed promise by one party (the maker or issuer) to pay a specific sum of money to another party (the payee) either on demand or at a fixed or determinable future time. It is a formal, unconditional, and negotiable debt instrument. Usage A promissory note is a formal financial document that creates a legally binding obligation to repay a debt. It is commonly use...