promissory note
Written payment pledge
A promissory note is a written promise to pay a specific sum of money to a designated person or bearer, either on demand or at a specified future date.
It's a formal IOU used in lending: She signed a promissory note for the $10,000 loan.
Unlike informal agreements, promissory notes are legally enforceable documents.
One who takes temporarily
- lenderOne who loans money
- creditorOne owed money
- debtorOne who owes
- principalChief school administrator
interest · default · arrears · liability · secured · unsecured · collateral · maturity
Open to agreement
- bearerOne who conveys something
- endorsementFormal expression of support
- payeePerson owed payment
- drawerSliding furniture compartment
drawee · holder · face value · issuance · transferable · discounting · bill of exchange · draft
Legally or morally required
- enforceableAble to be upheld
- executionCompleting a planned task
- notarizationOfficial document verification
- attestationFormal declaration confirming truth
witness · signature · jurisdiction · terms · conditions · covenant · validity · acknowledgment
Gradual debt reduction schedule
- installmentPeriodic partial payment
- due dateWhen payment is required
- payment scheduleTimetable for installments
- balloon paymentLarge final loan installment
tranche · settlement · redemption · discharge · liquidation · remittance · payoff · prepayment
borrower
One who takes temporarily
principal · interest · default · arrears · liability · secured · unsecured · collateral · maturity · debenture
negotiable
Open to agreement
- bearerOne who conveys something
- endorsementFormal expression of support
- payeePerson owed payment
drawer · drawee · holder · face value · issuance · transferable · discounting · bill of exchange · draft · certificate
binding
Legally or morally required
- enforceableAble to be upheld
- executionCompleting a planned task
- notarizationOfficial document verification
attestation · witness · signature · jurisdiction · terms · conditions · covenant · validity · acknowledgment · consideration
amortization
Gradual debt reduction schedule
- installmentPeriodic partial payment
- due dateWhen payment is required
- payment scheduleTimetable for installments
balloon payment · tranche · settlement · redemption · discharge · liquidation · remittance · payoff · prepayment · grace period
- debtdebt, creditor, owe, debtor, lender
- debtscredit card debt, car loan, student loan, loans, bank loan
- agreementshandshake, contract, nod, accords, verbal consent
- commitmentsvow, pledge, oath, vows, binding agreement
- historical recordsdiary, census record, annual reviews, letter, government records
- signed itemsautograph, check, contract, waiver, consent form
promissory noteverbal agreement
Spoken mutual commitment
handshake deal · gentleman's agreement · verbal commitment · word of honor · tacit understanding
note, promise, compromise, promised, promising, promises, compromising, compromised, unpromising