Promissory Note Definition and Legal Meaning

On this page, you'll find the legal definition and meaning of Promissory Note, written in plain English, along with examples of how it is used.

What is Promissory Note?

n.A written promise made by oner person to another to pay certain amount of money on demand or at a specified time in the future.It can also give other details like interst amount, installment payments,penalties for late payments,provision for legal fees if legal action involved.