Promissory Notes:
Promissory Note is a written, dated and signed two-party instrument containing an unconditional promise by the maker to pay a definite sum of money to a payee on demand or at a specified future date.
Essentials of Promissory Note
Promissory notes must expressly fulfill the following essential requirements:
1. The expressions "to the order" or "promissory note" in the note’s language.
2. The unconditional promise to pay the designated certain amount;
3. The maturity date;
4. The place of payment;
5. The name of the person to whom or to whose order payment must be performed;
6. The date and place of issuance of the promissory note;
7. The issuer’s signature.
