A Promissory Note is a legally binding contract between two or more parties whereby one party agrees to repay to the other party a specific sum of money (called “Principal”). The party who promises to pay is called the “Maker”, and the party to whom payment is promised is called the “Payee” or “Holder”.
http://www.thelegalstop.co.uk/Business/Promissory-Note--Company--With-Interest-and-Instalments-.html
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