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Write demand letters if the note is not paid by the due date. The language in the letter should reference harsh legal action if the borrower does not pay what is owed. Make sure you include a date that the borrower must pay to avoid legal action and loss of collateral if it is a secured note.Is a promissory note the same as a written contract?
A promissory note is a written promise to pay within a specific time period. This type of document enforces a borrower's promise to pay back a lender by a specified period of time, and both parties must sign the document. A promissory note is not the same as a contract. A contract details all the terms of a legal agreement.What are the essentials of a promissory note?
An instrument to be a promissory note must fulfill the following essentials:-. A promissory note must always take the form of a written document. Mere verbal promise to pay will not do. The instrument may be written on any paper, on book or any other substitute for paper. The writing may be in pencil or ink.What elements are required in a promissory note?
Essential Elements of a Promissory Note a) Written notes. A promissory note must always be in writing. ... b) Express undertaking. The undertaking that forms the base of a promissory note must generally be express. ... c) Unconditional promise. The promise to pay a certain amount of money must be unconditional in all cases. ... d) Specific amount. ... e) Legal tender. ...