Promissory note is a written, signed and unconditional order to pay certain sum of money in a specified time on demand. It can be simply stated as a promise that is used in business dealings. It is a written contract between the maker (the payer) and the lender (the payee), with specific terms and conditions on which an amount is paid from one party to another party. Promissory note can be of two types; unsecured and secured. An unsecured promissory note doesn’t include any liability on the payment process, amount of loan is agreed which is determined by maker’s capability to pay while secured promissory note may also be signed based on the maker’s ability to repay, but it is secured by a thing of value such as a car or a house etc.
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