Find answers to questions on promissory notes

A promissory is a legal and binding document which promises to pay a person or bearer of the promissory note a sum of money. This is similar to making a promise, only in this case the promise legal and binding with consequences in case of any default. Read on to find out more about promissory notes and its types and uses.

Answered By Connor Marsh | 2 years ago
  • Q: Are promissory notes legal and binding?

    Promissory note when signed by both the parties to the contract makes it legal and binding just like any other lawful contract. The drawer promises to pay a certain sum of money to the drawee, on a stipulated date.

  • Q: Can I get printable promissory notes?

    There are printable templates online which can be found online and even edited online to fill in the particulars to be later printed out. The document will be just as legal and binding, with both parties adhering to the terms and conditions of the contract.

  • Q: How much does it cost to issue a promissory note?

    The cost will depend on whether a lawyer has to be hired or is there any need for legal assistance for the promissory note drafted. This will again depend on the type of promissory note and not all promissory notes will need legal involvement.

  • Q: What are the different types of promissory note templates?

    Promissory notes can be designed using different templates to suit the needs of the parties to the binding contract. There is no specific pattern or format to adhere to, as long as the relevant particulars are mentioned in the contract which make it legal and binding.

  • Q: What are the different types of promissory notes?

    Promissory notes are broadly classified into personal promissory notes, commercial notes, inland promissory notes, foreign promissory notes amongst many others issued as a promise to pay a certain sum of money.

  • Q: What is a promissory note template?

    Templates are generally designed to create a set design or pattern. For example, templates can be made for promissory notes to print and distribute in bulk which will then only need the particulars of the drawer and the terms of the contract which makes it binding.

  • Q: What is a promissory note?

    Promissory note as the name suggests is a document which promises to pay a certain sum of money to a specified person, or the bearer of he said promissory note at a specific date or on demand. This is signed document which is a binding legal instrument.

  • Q: Who issues a promissory note?

    The person making the promise to pay a certain sum of money, to the party who is mentioned in the contract makes the promissory note and signs it, lawfully agreeing to adhere to the terms and conditions of the contract.

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