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Features of Promissory Note The mentioned amount can neither be added or subtracted. Signed Documents ? The document is duly signed and drawn by the drawer and stamped. Unconditional Promise ? The promise to pay a certain amount of money must be absolute in all cases.

A promissory note typically contains all the terms involved, such as the principal debt amount, interest rate, maturity date, payment schedule, the date and place of issuance, and the issuer's signature.

Updated September 20, 2023. A promissory note is a written promise made by a borrower to a lender to repay a specified sum of money. It is a legal document for a loan and becomes legally binding when signed by the borrower.

A promissory note must include the date of the loan, the dollar amount, the names of both parties, the rate of interest, any collateral involved, and the timeline for repayment. When this document is signed by the borrower, it becomes a legally binding contract.

A promissory note is a legal, financial tool declared by a party, promising another party to pay the debt on a particular day. It is a written agreement signed by drawer with a promise to pay the money on a specific date or whenever demanded.

A Promissory Note must always be written by hand. It must include all the mandatory elements such as the legal names of the payee and maker's name, amount being loaned / to be repaid, full terms of the agreement and the full amount of liability, beside other elements.