Promissory note

Pronunciation: /ˈpɹɑməˌsɔɹi ˈnoʊt/

Promissory note (noun)

  1. A written promise by one person to pay a specific amount of money to another person at a set time.
  2. A legal document used in business to record a debt and the terms for repayment.

Examples

  • The lender kept the promissory note as proof of the written pay promise.
  • The borrower signed a promissory note to confirm the written pay promise.