How Do I Write Simple Promissory Note?


4 Answers

Anonymous Profile
Anonymous answered
Dear mom in sir please me to allow exam today and I promise I will pay on july 9,2009
Aisha Profile
Aisha answered
A promissory note is a note payable in accounting term.
It is a contract in which a "promise to pay a certain amount of money" by one party is made to the "other party".
Ryan Harris Profile
Ryan Harris answered
It's pretty simple, its really just a glorified IOU. But you have to state some facts for it to hold up in court.

Who is doing the lending? Who is doing the borrowing? What are their legal names and addresses? How much is the loan for? What are the repayment terms? Is their any collateral? If so, state it.

Any late fees? What happens if the borrower defaults? Will you agree to mediation or arbitration? Who pays legal fees? In what currency will the funds / payments be accepted? To what address should the payments be sent? Are there any restrictions on what the money is for or how it is to be spent?

You get the idea. Just spell out all the facts very clearly. Make sure you date it. Make sure you both sign it, with witnesses if possible. Getting it notarized is even better! Because of the legal ramifications, consult an attorney, otherwise if they don't repay, you will have solid legal footing for recourse. has pretty good templates for about ten bucks.

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