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Promissory note

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Promissory note
A signed Statement promising to pay to a specified person or the bearer a particular sum of money on a fixed date or on demand.
    
A promissory note, also referred to as a note payable in accounting, is a contract detailing the terms of a promise by one party (the maker) to pay a sum of money to the other (the payee). The obligation may arise from the repayment of a loan or from another form of Debt. For example, in the sale of a business, the purchase price might be a combination of an immediate Cash payment and one or more promissory Notes for the balance.
Posted by  Opal Financial Group, Marcus Evans (ANZ) Limited
 
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