Is a promissory note a loan?

QuestionsIs a promissory note a loan?
aftabalam1649 Staff asked 2 years ago
1 Answers
aftabalam1649 Staff answered 2 years ago
Promissory notes are a type of contract that is signed between the parties to ensure that they will deliver on their promises. The key question is whether the promissory note is enforceable and if so, what are the consequences of breaching it. Promissory notes have been a part of contracts for decades. In fact, they are still used in most businesses today. However, in recent years, there has been an increase in the number of companies using them as an alternative to traditional contracts. In this section, we will discuss what promissory notes are and how they work.