Definition, Meaning & Synonyms
promissory
adjective
/ˈprɒmɪsəri/
Definition
A promissory note is a written promise to pay a specified amount of money to a designated person or entity at a future date or on demand.
Examples
- She signed a promissory note to secure the loan from the bank.
- The promissory agreement outlined the terms of repayment.
- Investors were required to provide a promissory note when acquiring funds.
Meaning
The term ‘promissory’ generally refers to a legal document that engages the issuer to pay back borrowed money or to fulfill a financial obligation.
Synonyms
- pledge
- guarantee
- commitment
- contract
