Define Promissory Note

A financial instrument that contains a written promise by one party to pay another party a definite sum of money either on demand or at a specified date. A Promissory Note typically contains all the terms relating to the gratitude by the issuer or maker to the note’s payee, such as the amount, interest rate, maturity date, date and place of issuance, and issuer’s signature.

Promissory Note

Promissory Note: Learning Objectives: Define and explain promissory note. Definition and Explanation: There is another method of payment similar to bill of exchange i.e., promissory note. In this method, in place of the seller drawing a bill of exchange on the purchaser, the purchaser