Submission Agreement Sample For Borrowing Money In Massachusetts
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FAQ
A simple promissory note might be for a lump sum repayment on a certain date. For example, let's say you lend your friend $1,000 and he agrees to repay you by December 1st. The full amount is due on that date, and there is no payment schedule involved.
Promissory notes are quite simple and can be prepared by anyone. They do not need to be prepared by a lawyer or be notarized. It isn't even particularly significant whether a promissory note is handwritten or typed and printed.
At a bare minimum, an IOU should include the borrower's name, the lender's name, the amount of the debt, the current date, the date the debt is due, and the borrower's signature. In addition, it's recommended that IOUs contain: How the debt is to be repaid (lump sum or installments)