A promissory note is a legal document in which one party (the issuer) promises to pay a certain sum of money to the other party (the payee) at a specified future date or on demand. It is a written commitment to repay a debt and includes details such as the amount borrowed, the interest rate (if applicable), the repayment terms, and any other conditions of the loan. Promissory notes are commonly used in business transactions, real estate deals, and personal loans.
