To put it differently, good promissory note is actually a pledge to expend or IOU. It’s an official union (labeled as that loan arrangement or deal) ranging from a few events that’s usually expected whenever cash is borrowed and you can lent between them. All loans covered out of a bank or other loan company possess some version of promissory notice, but they are and recommended for money anywhere between one or two some one (even when the financing try anywhere between family relations otherwise best friends) to avoid any misunderstandings or you can easily legal problems.
